YILI(SH:600887)2024-09-02 23:39Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 599.1 billion yuan for the first half of 2024, a year-on-year decrease of 9.5%, while the net profit attributable to shareholders was 75.3 billion yuan, an increase of 19.4% [1]. - The dairy product demand is currently weak, but the company is seizing structural growth opportunities by optimizing channels and diversifying its business [1]. - The company is nearing the end of its channel adjustments and is expected to benefit from a recovery in demand and stabilization of raw milk prices by 2025 [2]. - The company has established a strong competitive position in the industry, which is expected to enhance its market share and profitability in the long term [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 120.11 billion yuan, reflecting a year-on-year growth of 15.2% [3]. - The expected revenue for 2024 is 126.31 billion yuan, with a minimal growth rate of 0.11% [3]. - The projected PE ratio for 2024 is 12.12, indicating a stable valuation [3].