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光明乳业(600597):2024年年报及2025年一季报点评:经营持续调整,资产处置收益增厚24Q4利润
EBSCN· 2025-05-06 02:44
Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company reported a total revenue of 24.28 billion yuan for 2024, a decrease of 8.33% year-on-year, with a net profit attributable to shareholders of 722 million yuan, down 25.36% year-on-year [1][4]. - The fourth quarter of 2024 showed a slight revenue increase of 0.75% year-on-year, with a net profit of 606 million yuan, a decrease of 6.04% year-on-year [1]. - The first quarter of 2025 saw a revenue of 6.37 billion yuan, a decrease of 0.76% year-on-year, while the net profit attributable to shareholders was 141 million yuan, down 18.16% year-on-year [1][2]. Revenue and Profit Analysis - In Q1 2025, the revenue from liquid milk, other dairy products, and livestock products was 3.29 billion, 2.42 billion, and 211 million yuan respectively, with year-on-year changes of -6.32%, +11.10%, and -55.40% [2]. - The company's gross margin for 2024 was 19.23%, with a slight decline in Q1 2025 to 18.66% [3][13]. - The net profit margin for 2024 was 2.97%, with a significant increase in Q4 2024 due to land compensation income [3]. Forecast and Valuation - The profit forecast for 2025 and 2026 has been revised down to 556 million and 626 million yuan respectively, with a new forecast for 2027 at 707 million yuan [4][5]. - The estimated EPS for 2025, 2026, and 2027 is projected to be 0.40, 0.45, and 0.51 yuan respectively, with corresponding P/E ratios of 20, 18, and 16 times [4][5].
光明乳业(600597):坚守“新鲜战略”,期待后续改善
HTSC· 2025-04-30 08:02
Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 9.00, up from the previous target of RMB 8.41 [4][7]. Core Views - The company is expected to see improvements in revenue and profit margins as it continues to implement its "Fresh Strategy" and expand its low-temperature milk distribution nationwide [1][4]. - The company faced challenges in 2024, with a decline in revenue and net profit, but there are signs of recovery in early 2025 [1][4]. Revenue and Profit Analysis - In 2024, the company achieved revenue of RMB 24.28 billion, a decrease of 8.3% year-on-year, with a net profit attributable to the parent company of RMB 720 million, down 25.4% [1][6]. - The fourth quarter of 2024 saw a slight revenue increase of 0.8% year-on-year, but net profit decreased by 6.0% [1]. - For Q1 2025, revenue was RMB 6.37 billion, a slight decrease of 0.8% year-on-year, while net profit attributable to the parent company decreased by 18.2% [1][6]. Product and Regional Performance - In 2024, revenue from liquid milk, other dairy products, and livestock was RMB 14.17 billion, RMB 7.79 billion, and RMB 1.02 billion, respectively, with liquid milk revenue declining by 9.5% [2]. - The Shanghai region showed stable performance, while overseas revenue continued to expand [2]. Margin and Cost Management - The gross margin for 2024 was 19.2%, down 0.4 percentage points year-on-year, while the net profit margin attributable to the parent company was 3.0% [3]. - In Q1 2025, the gross margin decreased to 18.7%, but the net profit margin improved slightly to 2.2% [3]. Future Outlook - The company anticipates a gradual recovery in consumer demand and expects to reduce losses from culling cows in 2025 [4]. - The earnings per share (EPS) forecast for 2025 and 2026 has been raised to RMB 0.45 and RMB 0.48, respectively [4].
光明乳业(600597) - 光明乳业关于2025年第一季度经营数据的公告
2025-04-29 12:25
单位:元 币种:人民币 产品 2025 年 1-3 月 2024 年 1-3 月 同比变动(%) 液态奶 3,291,885,260 3,514,037,078 -6.32 其他乳制品 2,414,550,844 2,173,355,713 11.10 牧业产品 210,720,723 472,430,460 -55.40 其他 430,441,905 245,159,668 75.58 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食品制造》 的相关规定,现将光明乳业股份有限公司 2025 年第一季度主要经营数据(未经 审计)公告如下: 一、主营业务按产品类别分类情况 注:1、牧业产品收入降低主要原因是受市场行情影响,饲料业务收入下降。 2、其他产品收入增加主要原因是随心订第三方产品销售收入增加。 二、主营业务按地区分类情况 三、主营业务按销售模式分类情况 1 证券代码:600597 证券简称:光明乳业 公告编号:临 2025-008 号 光明乳业股份有限公司 关于 ...
光明乳业(600597) - 光明乳业关于2024年度经营数据的公告
2025-04-29 12:25
证券代码:600597 证券简称:光明乳业 公告编号:临 2025-007 号 光明乳业股份有限公司 关于 2024 年度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食品制造》 的相关规定,现将光明乳业股份有限公司 2024 年度主要经营数据公告如下: 一、主营业务按产品类别分类情况 单位:元 币种:人民币 | 产品 | 2024 | 年 1-12 | 月 | 2023 年 | 1-12 | 月 | 同比变动(%) | | --- | --- | --- | --- | --- | --- | --- | --- | | 液态奶 | | 14,165,789,486 | | | 15,648,028,744 | | -9.47 | | 其他乳制品 | | 7,790,749,398 | | | 7,358,569,516 | | 5.87 | | 牧业产品 | | 1,023,457,726 | | | 1,756,730,105 | | -41.74 ...