由此来看，新乳业正朝公司提出的目标稳步推进。 营收连续三年超100亿 新乳业成立于2006年，2019年1月上市，公司背靠新希望集团，主营业务包括乳制品及含乳饮料的研 发、生产和销售。 2018年至2023年，新乳业营业收入分别为49.72亿元、56.75亿元、67.49亿元、89.67亿元、100.06亿元和 109.87亿元，同比分别增长12.44%、14.14%、18.92%、32.87%、11.59%和9.8%；净利润分别为2.43亿 元、2.44亿元、2.71亿元、3.12亿元、3.61亿元和4.31亿元，同比分别增长9.22%、0.41%、11.18%、 15.23%、15.68%和19.27%，保持稳步增长。 长江商报消息 ●长江商报记者 黄聪 近两年前，新乳业提出"努力将负债率在未来五年降低10个百分点""净利率实现翻一番"等目标，如今情 况如何？ 4月25日，新乳业（002946.SZ）发布年报，公司2024年实现营业收入106.65亿元，同比下降2.93%，连 续三年超过100亿元；净利润5.38亿元，同比增长24.80%，连续5年双位数增长。 其中，2024年底，新乳业资产负债率达64. ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's main revenue remains stable, with a significant improvement in profitability. Total revenue and net profit for 2024 were 10.665 billion and 538 million yuan, respectively, showing a year-on-year decline of 3% and an increase of 25% [5] - The low-temperature product category continues to perform well, with expectations for new products to drive further growth. Revenue from liquid milk, milk powder, and other categories for 2024 were 9.836 billion, 71 million, and 758 million yuan, respectively, with liquid milk showing a stable performance [6] - Direct sales channels are growing rapidly, particularly in the East China region, with direct sales revenue reaching 6.225 billion yuan, a year-on-year increase of 11% [8] - The company aims to double its net profit margin over the next five years, focusing on expanding its core business and enhancing corporate value [9] Summary by Sections Financial Performance - In 2024, total revenue was 10.665 billion yuan, with a net profit of 538 million yuan, reflecting a 25% increase year-on-year. The Q1 2025 figures showed a revenue of 2.625 billion yuan and a net profit of 133 million yuan, with year-on-year growth of 0.4% and 48% respectively [5] - The gross margin for 2024 was 28.36%, increasing by 1.5 percentage points, while the net margin was 5.15%, up by 1.2 percentage points [5] Product Performance - The low-temperature milk segment, including fresh milk and yogurt, achieved mid-to-high single-digit growth, with the "24-hour" series seeing over 15% revenue growth [6] - New product launches contributed to maintaining a double-digit revenue share, with the "初心" series and "活润" brand both achieving significant growth [6][7] Sales Channels - Direct sales revenue reached 6.225 billion yuan, with a year-on-year increase of 11%, while online sales through platforms like Douyin and JD.com grew by 32% [8] - The company's self-developed "鲜活 go" platform has shown significant growth in user retention and repurchase rates [8] Profit Forecast - The company projects EPS of 0.78, 0.92, and 1.03 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 22, 19, and 17 times [9]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has demonstrated a significant profit release exceeding expectations, with a continuous breakthrough in the low-temperature product category [1] - The main business revenue remains stable, and profitability has improved significantly, with a notable increase in net profit margin [5] - The company aims to enhance its core business and achieve a doubling of net profit margin over the next five years [9] Summary by Sections Financial Performance - In 2024, total revenue and net profit attributable to the parent company were 10.665 billion and 538 million yuan, respectively, showing a year-on-year decline of 3% and an increase of 25% [5] - For Q1 2025, total revenue and net profit attributable to the parent company were 2.625 billion and 133 million yuan, respectively, reflecting a year-on-year growth of 0.4% and 48% [5] - The gross margin and net margin for 2024 were 28.36% and 5.15%, respectively, with improvements noted in Q1 2025 [5] Product Performance - The liquid milk segment generated revenue of 9.836 billion yuan in 2024, with a year-on-year growth of 1% [6] - Low-temperature products, including fresh milk and yogurt, achieved mid to high single-digit growth, with the "24-hour" series seeing over 15% revenue growth [6][7] Sales Channels - Direct sales revenue reached 6.225 billion yuan in 2024, up 11% year-on-year, while distribution revenue declined by 13% [8] - Online sales through platforms like Douyin and JD.com generated 1.161 billion yuan, marking a 32% increase [8] Earnings Forecast - The company projects EPS of 0.78, 0.92, and 1.03 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 22, 19, and 17 times [9][11]