8月28日，伊利股份发布半年报，上半年实现营收619.33亿元，同比增长3.37%；实现扣非净利润70.16 亿元，同比增长31.78%。这份亮眼的业绩表现超出市场预期。 这一轮原奶周期从2021年底开始，原奶价格持续下行叠加需求不振给产业链上下游公司均造成影响。 2024年A股19家乳制品行业公司营业总收入同比减少7.44%，净利润同比减少26.88%。 随着奶价企稳，龙头乳企率先恢复增长，盈利能力进一步跃升。对于伊利股份来说，多元化业务已经进 入收获期，而随着原奶拐点的到来，公司未来增长值得期待。 伊利股份业绩超预期 多元化布局进入收获期 伊利股份上半年实现营收619.33亿元，同比增长3.37%，收入规模大幅领先同行业其他公司；实现扣非 净利润70.16亿元，同比增长31.78%，创出历史新高。 单看第二季度，公司收入增长5.77%，同比环比均在提速，归母净利润则同比增长44.65%。第一上海证 券研报表示，公司盈利拐点已经清晰。 上半年，伊利多元化业务迅猛增长，在液体乳复苏向好之际，作为第二增长曲线，发挥着增长引擎的作 用。 目前，伊利在不少领域已经成为行业第一。其中，上半年，液体乳业务收入361.2 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [10]. Core Views - The company is experiencing short-term profit pressure but has strong cash flow performance. Revenue for 2024 was 13.254 billion, a decrease of 1.5%, while the net profit attributable to shareholders was -1.469 billion, compared to a profit of 0.185 billion in the previous year. The decline in profit was primarily due to losses from changes in the fair value of dairy cows and goodwill impairment [6]. - The profitability of raw milk continues to improve, with revenue from raw milk reaching 10.454 billion, an increase of 1.9%, and a gross margin of 31.2%, up by 2.8 percentage points. The company anticipates a gradual recovery in milk prices as the industry undergoes consolidation [7]. - The company is expanding its feed business and making breakthroughs in breeding, with comprehensive solutions for dairy farming generating 2.8 billion in revenue, despite a 12.4% decrease. The sales volume of feed has exceeded 1 million tons [8]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 132.54 billion, down 1.5%, and a net profit of -14.69 billion, compared to 1.85 billion in the previous year. The gross margin improved to 26.0%, an increase of 2.8 percentage points. Cash EBITDA was 29.86 billion, with a cash EBITDA margin of 22.5%, reflecting a year-on-year increase of 19.6% and 4.0 percentage points respectively [6]. - The operating cash flow for 2024 was 28.08 billion, up 17.3%, while capital expenditure decreased by 8.1% to 34.52 billion [6]. Raw Milk Business - Raw milk revenue was 104.54 billion, accounting for 78.9% of total revenue, with a gross margin of 31.2%. The production volume reached 3.01 million tons, an increase of 16.1%. The average selling price of raw milk was 3.61 yuan/kg, down 10.4% from the previous year, but still above the market price of 3.32 yuan/kg [7]. Future Outlook - The company expects revenue growth for 2025-2027 to be 139.50 billion, 147.80 billion, and 156.91 billion respectively, with EPS projected at 0.04, 0.10, and 0.15 yuan. The current stock price corresponds to PE ratios of 25, 11, and 7 times for the respective years [10].