Core Viewpoint - The article discusses the performance and competitive advantages of YouRan, highlighting its revenue growth, milk production, and unique market positioning through specialty milk products supported by Yili [3][4][5]. Financial Performance - YouRan's raw milk revenue reached 15.1 billion RMB in 2024, up 17% from 12.9 billion RMB in 2023, while raw milk production increased to 3.75 million tons, a 24.1% rise from 3.02 million tons in the previous year [3]. - The average price of raw milk was 4.12 RMB per kg, down 5.9% from 4.38 RMB, indicating that revenue growth did not keep pace with production growth [3]. - The company reported a loss in the second half of the year due to a 5 billion RMB impairment charge on property and equipment, primarily because of reduced sales in the feed business [6]. Market Positioning - YouRan's milk price is significantly higher than the national average, which has been around 3.15 RMB, due to its specialty milk products and support from Yili [4][5]. - The company has expanded its dairy herd to 622,000 cows, a 27% increase compared to Modern Dairy's 490,000 cows, and has introduced 20,000 goats for specialty milk production [5]. Operational Insights - The proportion of breeding cows increased to 52.3%, which is expected to lower costs in the future, although growth rates may slow down [5]. - The feed business saw a decline in revenue from 5.8 billion RMB last year to 5 billion RMB this year, indicating operational challenges [6]. Profitability Metrics - The gross profit margin for raw milk improved to 32.7% in 2024, up nearly 4 percentage points from 28.6% in 2023, reflecting better cost management despite lower sales volumes [11]. - EBITDA and pre-impairment profits showed significant growth, but comparisons with mid-year results indicate that earlier performance was even stronger [12].
优然牧业2024年报点评