新希望乳业股份有限公司 表决结果为：同意 4 票，反对 0 票，弃权 0 票。 全体独立董事一致认为：根据生效的仲裁裁决，综合考虑客观事实，同意公 司执行 5056 号裁决书暨变更关于"一只酸奶牛"项目补偿条款。上述条款的变 更合法合规、有利于保护公司或其他投资者的利益，符合公司整体利益，不存在 损害公司及全体股东利益的情形，并同意将该议案提交公司第三届董事会第十三 次会议审议。 （以下无正文） 1 （本页无正文，为新希望乳业股份有限公司第三届董事会独立董事专门会议第 三次会议决议签署页） 卢华基 吴飞 第三届董事会独立董事专门会议第三次会议决议 新希望乳业股份有限公司（以下简称"公司"）第三届董事会独立董事专门 会议第三次会议通知于 2024 年 11 月 4 日以电子邮件的形式通知公司全体独立 董事。会议于 2024 年 11 月 7 日以通讯表决方式召开。公司独立董事共 4 人， 出席本次会议的独立董事共 4 人，经推举，会议由独立董事杨志清先生主持。本 次会议的召开符合《上市公司独立董事管理办法》《深圳证券交易所股票上市规 则》及《公司章程》等有关规定，会议形成的决议合法、有效。 独立董事审议了以下议 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business continues to grow, with improved profitability. The third quarter of 2024 saw a revenue of 2.785 billion yuan, a year-on-year decrease of 4%, but the net profit attributable to shareholders increased by 23% to 177 million yuan [1] - The gross margin for Q3 2024 increased by 2 percentage points to 28.83%, attributed to a higher proportion of premium products and new products, alongside a decrease in raw milk prices [1] - The company is focused on its five-year plan to double its net profit margin, emphasizing the "Fresh Cube Strategy" to enhance market penetration [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 8.150 billion yuan, a year-on-year decrease of 1%, while the net profit attributable to shareholders was 474 million yuan, an increase of 24% [1] - The company’s Q3 2024 revenue was 2.785 billion yuan, with a net profit of 177 million yuan, reflecting a 23% increase year-on-year [1] Product and Market Strategy - The company’s low-temperature products showed stable growth, with low-temperature fresh milk and yogurt revenues increasing by approximately 10% year-on-year [1] - The company is enhancing its product structure by increasing the proportion of new products and optimizing its sales channels, particularly through direct-to-consumer (DTC) channels [1] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.63, 0.76, and 0.87 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 17, and 15 times [1][3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company has shown resilience with a slight decline in revenue but a significant increase in net profit, indicating improved profitability [1][2]. - The low-temperature product category has experienced double-digit growth, while the overall revenue has been temporarily impacted by adjustments in the consolidation scope [2]. - The company is committed to its new five-year strategic plan aimed at strengthening core business and enhancing corporate value, with a target to double net profit margin within five years [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 8.15 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders reached 470 million yuan, a year-on-year increase of 24.4% [1]. - The gross margin for the first three quarters was 29.1%, up 1.7 percentage points year-on-year, driven by lower raw milk prices and product mix optimization [2]. - The net profit margin for the first three quarters was 6%, reflecting a year-on-year increase of 1.2 percentage points, indicating a continuous improvement in profitability [2]. Strategic Initiatives - The company is focused on its "Fresh Cube Strategy" and aims to enhance its position in the low-temperature dairy market through innovation and regional development [3]. - The company has secured 60% of its raw milk supply through self-owned and equity-held sources, aligning with its strategic goals [3]. Earnings Forecast - The company forecasts net profits of 540 million yuan, 640 million yuan, and 760 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.63 yuan, 0.75 yuan, and 0.88 yuan [3][4]. - The dynamic PE ratios are projected to be 20 times, 17 times, and 14 times for the respective years [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 8.15 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.54%, while the net profit attributable to shareholders increased by 24.37% to 474 million yuan [6] - The low-temperature product segment is experiencing accelerated growth, particularly in the East China region, with double-digit revenue growth in low-temperature fresh milk and yogurt [7] - Profitability is improving due to product structure optimization and cost reductions, with a net profit margin of 6.54% and a gross margin of 28.83% in Q3 2024 [8] - The company is focused on its "Fresh Cube Strategy," emphasizing low-temperature products and modern media marketing to achieve nationwide expansion [9] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 2.785 billion yuan, down 3.82% year-on-year, but net profit rose by 22.92% to 177 million yuan [6][7] - The company expects net profits for 2024-2026 to be 563 million, 645 million, and 811 million yuan respectively, with corresponding EPS of 0.65, 0.75, and 0.94 yuan [9][10] Product and Market Analysis - The low-temperature product category is a strategic focus, with significant growth driven by new product development and direct-to-consumer (DTC) channel expansion [7] - The East China region showed strong performance with double-digit revenue growth in Q3 2024, while the western region faced challenges due to the overall consumption environment [7] Profitability and Cost Management - The company’s net profit margin improved by 1.52 percentage points year-on-year, attributed to lower raw milk prices and product mix adjustments [8] - The report highlights a slight increase in sales expense ratio to 15.27% due to heightened market competition, while management and financial expense ratios showed improvements [8]

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 新乳业(002946)公司点评报告 2024 年 11 月 04 日 [Table_Title] Q3 业绩增 23%，低温品类表现良好 ——新乳业 2024 年三季报点评 [Table_Invest]买入|维持 [Table_Summary] 事件 公司公告 2024 年三季报。2024 年前三季度，公司实现总收入 81.50 亿元 （-0.54%），归母净利润 4.74 亿元（+24.37%），扣非归母净利润 5.07 亿 元（+29.50%）。2024Q3 单季，公司实现总收入 27.85 亿元（-3.82%）， 归母净利润 1.77 亿元（+22.92%），扣非归母净利润 1.93 亿元（+19.73%）。 公司拟派发中期股息，每股拟派发现金红利 0.035 元（含税），分红金额占 上半年归母净利的比例为 10.16%。 Q3 低温品类实现双位数增长 1）Q3 低温品类实现双位数增长。公司 24Q3 收入同比下滑 3.82%，虽然 受到去年年底出售"一只酸奶牛"部分股权的影响，收入增速仍较稳健；分 品类看，24Q3，公司核心 ...

证券研究报告 非金融公司|公司点评|新乳业（002946） 业绩稳健增长，首次中期分红 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 公司发布 2024 三季报，2024Q1-3 实现营收 81.50 亿元，同比-0.54%；实现归母净利润 4.74 亿元，同比+24.37%；扣非归母净利润 5.07 亿元，同比+29.50%。2024Q3 实现营收 27.85 亿 元，同比-3.82%；实现归母净利润 1.77 亿元，同比+22.92%；扣非归母净利润 1.93 亿元，同 比+19.73%。公司作为乳业内近年发展势头较好的头部企业，尽管当前行业需求承压，但凭借 低温和新品等经营抓手保持相对更好的销售表现，同时按照五年规划持续改善利润率，利润 增速可观；同时首次公告中期分红，体现出对股东回报重视度提升，我们维持"买入"评级。 |分析师及联系人 刘景瑜 陆冀为 SAC：S0590524030005 SAC：S0590524080005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月04日 ...

f 隔证券 食品饮料/饮料乳品 公 司 研 究 新乳业（002946.SZ） 2024 年 11 月 04 日 主营业务稳健增长，产品结构优化拉升毛利率 ——公司信息更新报告 投资评级：增持（维持） 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 | --- | --- | |-------------------------|------------| | | | | 当前股价 ( 元 ) | 12.41 | | 一年最高最低 ( 元 ) | 13.50/7.88 | | 总市值 ( 亿元 ) | 106.81 | | 流通市值 ( 亿元 ) | 105.68 | | 总股本 ( 亿股 ) | 8.61 | | 流通股本 ( 亿股 ) | 8.52 | | 近 3 个月换手率 (%) | 49.84 | 股价走势图 -48% -32% -16% 0% 16% 32% 2023-11 2024-03 2024-07 新乳业 沪深300 数据来源：聚源 相关研究 ...

公司研究 [Table_Title] 主业增长稳健，盈利弹性释放 ——新乳业（002946）2024 年三季报点评 | --- | --- | |--------------|-----------------------------------------| | 2024 | 11 月 03 日 | | 研究所： | | | 证券分析师： | 刘洁铭 S0350521110006 liujm@ghzq.com.cn | | 证券分析师： | 秦一方 S0350523120001 qinyf@ghzq.com.cn | 评级：增持(维持) 最近一年走势 事件: 新乳业发布 2024 年三季报，2024 年前三季度公司实现营业收入 81.94 亿元，同比-0.54%，归母净利润 4.74 亿元，同比+24.4%，扣非归母净 利润 5.07 亿元，同比+29.5%。单 Q3 公司实现营收 27.85 亿元，同比 -3.82%，归母净利润 1.77 亿元，同比+22.9%，扣非归母净利润 1.93 亿 元，同比+19.73%。 投资要点: 主业增长稳健，单 Q3 收入同比下滑主要系剥离一只酸奶牛影响。 公司单 Q3 ...

公司点评 · 食品饮料行业 持续精耕鲜战略，主业稳健盈利亮眼 2024 年第三季度业绩点评 核心观点 ● 事件:公司发布公告,2024 前三季度实现营收 81.5 亿元,同比-0.5%;归母 净利润 4.7亿元,同比+24.4%;扣非归母净利润 5.1亿元,同比+29.5%。其 中 24Q3 营收 27.9亿元,同比-3.8%;归母净利润 1.8 亿元,同比+22.9%; 扣非归母净利润 1.9亿元，同比+19.7%。 ● 坚持鲜战略引领,核心品类逆势增长。公司 24Q3 营收下滑主要系其他业务 拖累;还原一只酸奶牛出表影响,在行业需求相对疲软情形下,主业仍然实现 稳健增长。主要得益于1)品类视角,公司坚持鲜战略引领,低温鲜奶与低温 酸奶作为公司核心品类,24Q3维持良好增长。2)品牌视角,唯品定位高端, 品牌价值获得消费者认可,且持续进行产品创新与区域拓展,带来业绩增量; 华东各子公司多以低温为主,亦延续增长趋势。3)产品视角,公司坚持以创 新破局,新品占收入比提升。4)渠道视角,DTC 业务快速成长。 ● 成本红利叠加产品结构优化,净利率持续提升。24Q3 归母净利率 6.4%,同 比+1.4pcts;若 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company demonstrated resilience in its performance during the off-season, maintaining a high level of profitability. For the first three quarters of 2024, the company reported revenue of 8.15 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders reached 470 million yuan, an increase of 24.4% year-on-year [2]. - The low-temperature fresh milk business showed steady growth, reflecting the company's strong operational resilience. The company continued to implement its "Fresh and Sour Dual Strong" strategy, enhancing its market share through improved channel coverage [2][3]. - The decline in raw milk prices and structural optimization contributed to an increase in gross profit margins. The company achieved a gross margin of 29.1% for the first three quarters, up 1.7 percentage points year-on-year, with a net profit margin of 5.8% [3]. Financial Summary - For 2024, the company expects net profits attributable to shareholders to be 550 million yuan, 650 million yuan, and 790 million yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 27.4%, 19.0%, and 21.5% [4][7]. - The current stock price corresponds to price-to-earnings (PE) ratios of 19, 16, and 13 for the years 2024, 2025, and 2026, respectively [4][7]. - The company’s gross margin for Q3 2024 was reported at 28.8%, an increase of 2.4 percentage points year-on-year, indicating effective cost management and a shift towards higher-end products [3].