华西证券研报指出，伊利股份日前召开以"聚力成长，价值启新"为主题的投资者日活动，明确"十五 五"战略方向，同步发布2025-2027年股东回报规划，承诺年度分红比例不低于75%且每股分红金额不低 于1.22元（含税），强化长期投资价值预期。作为中国乳业的领军企业，公司深刻洞察并通过"基础盘 稳增长+新业务高弹性"的双轨战略驱动结构性增长，夯实液态奶基本盘；同时，成人营养品赛道与乳 深加工国产替代（5年目标百亿收入）成为核心增量：一方面，公司将产品矩阵从成人奶粉延伸到特医 食品、功能保健品等高附加值赛道，优先布局益生菌和蛋白质补充剂赛道；另一方面，公司系统布局乳 脂、乳糖等深加工品类，计划实现关键原料的国产替代，并切入烘焙、茶饮、保健品等B端赛道，将加 速从喝奶到吃奶的"固态革命"，重构中国乳业消费图景。根据新浪财经，公司已制定了未来五年收入增 长高于GDP及行业增速的目标。维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has outlined its strategic direction for the "14th Five-Year Plan" and committed to a shareholder return plan for 2025-2027, promising a dividend payout ratio of no less than 75% and a minimum dividend of 1.22 yuan per share (including tax) [2] - The company is transitioning from a phase of "quantity increase" to "quality improvement" in the dairy industry, focusing on structural growth driven by a dual-engine strategy of stable growth in liquid milk and high elasticity in new business segments [3] - The company aims to achieve revenue growth exceeding GDP and industry growth rates over the next five years [3] Summary by Sections Business Strategy - The company is implementing a dual-track strategy to drive structural growth, focusing on stabilizing its liquid milk base while expanding into high-value segments such as adult nutrition products and deep processing of dairy [3] - The company plans to achieve a revenue target of 10 billion yuan from domestic substitutes for key raw materials over the next five years [3] International Expansion - The company is enhancing its global presence through three international business units, focusing on Southeast Asia, Australia, and New Zealand [4] - It has established a strong foothold in the Southeast Asian market, with significant growth in its ice cream business and a leading position in Indonesia [4] - The company aims to shift its international strategy from mere product export to a dual cycle of "resources + market" [4] Financial Performance and Forecast - The company has maintained its revenue forecasts for 2025-2027 at 119 billion, 122 billion, and 125 billion yuan, respectively, while adjusting its net profit forecasts to 110 billion, 116 billion, and 124 billion yuan [6] - The earnings per share (EPS) estimates have been revised to 1.74, 1.84, and 1.96 yuan for the same period [6] - The projected P/E ratios for 2025, 2026, and 2027 are 17, 16, and 15 times, respectively, supporting the "Buy" rating [6] Dividend Policy - The company has committed to a shareholder return plan that includes a dividend payout ratio of at least 75% and a minimum dividend of 1.22 yuan per share, which corresponds to a current dividend yield of approximately 5% [5] - This commitment is expected to enhance profit certainty and reduce valuation volatility risks [5]