低温赛道

Search documents
新乳业(002946):低温延续增长,盈利提升超预期
CMS· 2025-08-28 03:35
Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5] Core Views - The company has shown robust revenue growth of 5.46% year-on-year and a significant profit increase of 27.37% in Q2 2025, driven by its low-temperature product strategy [4][5] - The company is expected to achieve its annual profit margin improvement target, with a net profit margin increase of 1.65 percentage points in the first half of the year [4][5] - The company is focusing on enhancing profitability through sub-brand penetration and direct-to-consumer (DTC) channels, indicating a clear long-term growth path [5] Financial Performance - In H1 2025, the company achieved revenue of 5.526 billion yuan, a 3.01% increase year-on-year, and a net profit of 397 million yuan, up 33.76% year-on-year [4] - The gross margin for Q2 2025 was 30.49%, an increase of 1.4 percentage points year-on-year, attributed to the improved product mix with a higher proportion of low-temperature products [4] - The company expects continued revenue growth in H2 2025, supported by strong performance in its low-temperature segment and effective brand strategies [4][5] Market Position and Strategy - The company is building differentiated competitive barriers in a challenging consumption environment, focusing on low-temperature products where it is gaining market share [5] - The company’s core markets in Southwest and East China have shown steady growth, with low-temperature products experiencing double-digit growth [4][5] - The company plans to leverage its headquarters to drive synergy among sub-brands for platform development [5] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.83 yuan, 0.95 yuan, and 1.10 yuan respectively, with a corresponding valuation of 22 times for 2025 [5][6]