NHD(002946) 南方都市报·2025-04-25 10:26Core Viewpoint - The dairy industry is undergoing a deep adjustment period, benefiting downstream companies like New Dairy Industry, which reported significant profit growth in 2024 and Q1 2024 due to favorable raw milk prices, operational efficiency, and high-margin product offerings [1][2]. Financial Performance - In 2024, New Dairy Industry achieved operating revenue of 10.665 billion yuan, a year-on-year decline of 2.93%, while net profit attributable to shareholders was 538 million yuan, an increase of 24.80% [2]. - For Q1 2024, the company reported operating revenue of 2.625 billion yuan, a slight increase of 0.42%, and net profit of 133 million yuan, up 48.46% year-on-year [2]. - The gross profit margin for liquid milk and dairy products manufacturing in 2024 was 29.91%, an increase of 1.12% compared to the previous year, attributed to a decrease in operating costs due to lower raw milk procurement prices [2][4]. Raw Milk Price Trends - The price of raw milk in 2024 is on a downward trend, with some companies reporting a decline of over 6% year-on-year [4]. - New Dairy Industry's raw milk procurement cost decreased from 2.654 billion yuan in 2023 to 2.434 billion yuan in 2024, a reduction of approximately 220 million yuan [4]. Market Dynamics - The dairy industry is experiencing accelerated consolidation, with some small and medium-sized farms exiting the market [4]. - Despite current challenges, New Dairy Industry remains optimistic about the long-term potential of the dairy market in China, citing low penetration rates and increasing consumer health awareness as growth drivers [8]. Institutional Investment - Several institutions, including China Industrial Bank and Ping An Bank, have increased their holdings in New Dairy Industry, indicating positive market sentiment [6][7].