甜牛奶龙头，全国化布局进行时

Investment Rating - The report gives an "Accumulate" rating for the company [4]. Core Views - The company has established a strong market position in the sweet milk beverage sector, focusing on product innovation and nationwide expansion, with a significant increase in revenue and profit forecasts for the coming years [5][16]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the dairy beverage sector for over 20 years, achieving a market share of 10.47% in the neutral dairy beverage segment, ranking first among competitors [11][16]. - The management structure is stable, with a concentrated ownership of 60.47% held by the founders, which promotes long-term development [16][25]. 2. Financial Performance - Revenue is projected to grow from 1.57 billion to 1.94 billion yuan from 2024 to 2026, with year-on-year growth rates of 11.18%, 12.18%, and 10.21% respectively [5][15]. - The net profit attributable to shareholders is expected to increase from 268 million to 337 million yuan during the same period, with growth rates of 12.90%, 13.19%, and 11.21% [5][15]. 3. Product and Market Strategy - The company focuses on classic sweet milk products, continuously innovating to expand its product matrix, including new flavors and healthier options [30][32]. - The company has a robust distribution network covering 30 provinces, with a compound annual growth rate (CAGR) of approximately 11% in the number of distributors over the past five years [3][46]. 4. Marketing and Branding - The company has invested significantly in marketing and brand building, enhancing its national influence through advertising and public relations efforts [3][16]. - The marketing management system is comprehensive, combining traditional and specialized channels to maximize sales coverage [35][51]. 5. Production Capacity - By the end of 2023, the company's production capacity reached 357,500 tons, with plans to expand to 588,600 tons by 2029 [3][46]. - The company is reducing its reliance on outsourced processing, which helps in cost reduction and efficiency improvement [3][46].