燕塘乳业业绩全线下降，50亿元营收目标如何实现？

Core Viewpoint - Yantang Dairy aims to achieve a revenue target of 5 billion yuan by 2030, but recent financial reports indicate a decline in both revenue and net profit for 2024, moving further away from this goal [1][3][4]. Revenue and Profit Trends - In 2024, Yantang Dairy reported a revenue of 1.732 billion yuan, a year-on-year decrease of 11.18%, and a net profit of 103 million yuan, down 43.03% [3][4]. - The company's revenue growth in 2023 was 4.01%, reaching 1.95 billion yuan, with net profit increasing by 81.6% to 180 million yuan [3][4]. - The revenue from liquid dairy products, flavored milk, and yogurt drinks all saw declines, with decreases of 13.94%, 14.15%, and 15.76% respectively [3]. Market Expansion Efforts - Yantang Dairy's strategy includes focusing on Guangdong, the Greater Bay Area, and expanding into South China and nationwide markets [1][5]. - The company has begun operations in provinces surrounding Guangdong, including Hainan, Guangxi, Jiangxi, Hunan, and Fujian, primarily through online sales and traditional distribution channels [5][6]. - Despite these efforts, revenue from outside Guangdong remains low, with only 2.04% of total revenue coming from these markets in 2024 [6]. Capacity Utilization and Expansion Plans - Current production capacity utilization is below 70%, with the Guangzhou flagship factory operating at 68.69% and the Zhanjiang base at 55.65% [9]. - Yantang Dairy plans to invest in a new urban dairy industry cluster project, which includes a modern dairy processing plant and a smart logistics center, with a total investment of approximately 1.1 billion yuan [7][8]. - The new projects aim to increase production capacity and diversify product offerings, including ice cream and cheese, which were previously significant revenue sources [10]. Industry Challenges - The dairy industry is facing intense competition and product homogenization, making it difficult for Yantang Dairy to expand its market share [4][6][10]. - Experts suggest that mergers and acquisitions may be necessary for Yantang Dairy to achieve its revenue goals, as relying solely on the Guangdong market may not be sufficient [6].