Investment Rating - The report does not provide a specific investment rating for the company, but it indicates that the company is currently rated as "not rated" [2][8]. Core Insights - The company achieved a revenue of 7.38 billion yuan in FY2023, a decrease of 5.3% year-on-year, and a net profit attributable to shareholders of 174 million yuan, down 19.5% year-on-year. Excluding one-time expenses, the core net profit is estimated to be 255 million yuan [3][6]. - The domestic business is under short-term pressure, while overseas business shows strong growth, with overseas sales increasing by 44.7% year-on-year [5][6]. - The gross margin for FY2023 was 38.6%, a decrease of 4.9 percentage points year-on-year, primarily due to increased discounts during the clearance of old products and high raw material costs [6]. Summary by Relevant Sections Financial Performance - The company reported a revenue of 73.8 billion yuan for FY2023, with a net profit of 1.74 billion yuan. The proposed final dividend is 0.05 HKD per share, with a payout ratio of 46.2% [3][4]. - The earnings forecast shows a projected revenue increase to 79.47 billion yuan in FY2024, with a net profit expected to rise to 312.5 million yuan, reflecting a year-on-year growth of 79.2% [9]. Business Segments - The revenue breakdown for FY2023 includes: milk powder (2.56 billion yuan, -12.4%), goat milk powder (3.28 billion yuan, -8.6%), private label and others (1.25 billion yuan, +9.1%), and nutritional products (290 million yuan, +113.9%) [5]. - The company has strengthened its market position in the high-end goat milk powder segment and is expected to benefit from the FDA registration in the U.S. market [5][7]. Market Outlook - The report anticipates a potential short-term increase in birth rates due to a rise in marriage registrations and the upcoming Year of the Dragon, which may positively impact the demand for infant formula [7]. - The management transition in September 2023 is expected to enhance operational synergy and execution rates within the company [7].
澳优：2023年负重前行，长期规划静待改善