中国蒙牛乳业-买入 下行周期终于接近尾声

China Mengniu Dairy (2319 HK) Buy: Finally approaching the end of the downcycle Dividend up in 2024: Mengniu issued a profit warning on 18 February, so the results were not a surprise. Its reported profit dropped to RMB105m in 2024 from RMB4,809m in 2023 on a 10% decline in revenue, after RMB3,981m impairment charge on Bellamy, a wider raw milk evaporation loss and a loss from its associates. It declared a dividend of RMB0.509 per share in 2024, making a payout of 45% on adjusted net profit (by excluding ab ...