Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][15]. Core Insights - The company aims to establish leadership in various segments by 2025, with a projected compound annual growth rate (CAGR) of over 10% in revenue from 2021 to 2025, significantly outperforming the industry average of -0.18% during the same period [4][5]. - The company holds the leading market share in liquid milk, milk powder, and ice cream, with continuous growth in these segments, particularly in cheese products [4][5]. - The company plans to enhance its value chain through diversification and international expansion, focusing on markets in Indonesia, Thailand, and New Zealand, while also developing functional nutrition and deep processing products [5][6]. Financial Performance and Projections - The company is projected to achieve revenues of CNY 120.31 billion, CNY 126.17 billion, and CNY 132.41 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3.91%, 4.87%, and 4.94% [9][11]. - The net profit attributable to the parent company is expected to reach CNY 11.25 billion, CNY 12.20 billion, and CNY 13.25 billion for the same years, reflecting growth rates of 33.13%, 8.43%, and 8.57% [9][11]. - The company aims to maintain a cash dividend payout ratio of no less than 75% from 2025 to 2027, ensuring a stable dividend yield of approximately 4.92% by 2026 [9][11].

Core Viewpoint - The discovery of a super-large zirconium mine in the Kuobai Basin of Xinjiang, China, significantly increases the country's zirconium resource reserves and may reshape the global zircon supply landscape [1][4][12]. Group 1: Resource Significance - The new zircon mine has the potential to transform China from a resource-importing nation to one with abundant local resources, impacting various high-tech and military sectors [1][5][10]. - The mine's estimated zircon stone mineral reserves exceed 2 million tons, which is four times China's previously known zircon resources [4][12]. - China currently consumes over half of the global zircon resources while holding only 500,000 tons, less than 1% of the global total [5][19]. Group 2: Market Impact - The discovery is expected to influence the global zircon market, with major suppliers in Australia and South Africa becoming wary of the "China variable" affecting supply and demand dynamics [16][19]. - The domestic zircon sand imports have sharply decreased by nearly half, leading to high volatility in local prices and prompting foreign suppliers to raise their quotes [14][16]. Group 3: Strategic Implications - The find represents a significant geological event, challenging previous assumptions about zircon deposits being primarily located near coastlines [7][9]. - The mine's location in a sparsely populated area minimizes potential ecological damage, allowing for a balance between economic benefits and environmental considerations [13][24]. - The discovery aligns with China's broader strategy to secure critical mineral resources, similar to its past advancements in rare earth elements [17][26]. Group 4: Future Outlook - The demand for zircon is projected to increase significantly, with estimates suggesting that global demand for zircon sand could more than double by 2027 [19][22]. - The successful development of this mine could enhance China's negotiating power in global markets and stimulate advancements in high-tech processing of zircon [22][25]. - The ongoing exploration and evaluation of this new resource will be crucial for ensuring sustainable and effective utilization [23][24].