NHD(SZ:002946) 光大证券研究·2025-05-06 09:12Core Viewpoint - New Dairy Industry reported a slight decline in revenue for 2024 but showed significant growth in net profit, indicating improved profitability despite revenue challenges [2][4]. Revenue Performance - In 2024, the company achieved total revenue of 10.665 billion, a year-on-year decrease of 2.93%. The net profit attributable to shareholders was 538 million, an increase of 24.80% year-on-year [2]. - For Q4 2024, revenue was 2.516 billion, down 9.94% year-on-year, while net profit was 64 million, up 28.08% year-on-year [2]. - In Q1 2025, revenue reached 2.625 billion, a slight increase of 0.42% year-on-year, with net profit rising to 133 million, up 48.46% year-on-year [2]. Product and Channel Analysis - Revenue from liquid milk, milk powder, and other products in 2024 was 9.836 billion, 71 million, and 758 million respectively, with liquid milk showing a growth of 0.83% [3]. - The e-commerce channel saw a significant revenue increase of 31.93% in 2024, contributing 1.161 billion to total revenue [3]. - Regional performance varied, with the Southwest region declining by 6.51%, while the Other region grew by 18.13% [3]. Profitability Metrics - The gross margin for 2024 was 28.36%, with Q1 2025 showing a gross margin of 29.50%, reflecting a year-on-year increase of 0.12 percentage points [4]. - The net profit margin for Q1 2025 was 5.08%, up 1.64 percentage points year-on-year, indicating enhanced profitability [4]. - Management and sales expense ratios showed mixed trends, with sales expense ratio for Q1 2025 at 17.01%, up from Q4 2024 [4].