Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company has demonstrated steady revenue and profit growth, with a slight underperformance in profit growth due to reduced government subsidies. In 2024, the company's revenue and net profit attributable to shareholders were 20.749 billion and 3.570 billion yuan, respectively, reflecting year-on-year increases of 6.23% and 5.31% [6]. - The company is focusing on upgrading its product structure and expanding its lifecycle nutrition product offerings, with significant growth in infant formula and other dairy products [7]. - The company is effectively developing both online and offline channels, with a strong push into overseas markets, including Canada and Southeast Asian countries [8][9]. - The company anticipates growth driven by new fertility policies and aims to create a comprehensive ecosystem for nutrition products [10]. Financial Summary - For 2024, the company reported a gross margin of 66.34% and a net profit margin of 17.61%, with respective year-on-year increases of 1.51 and 0.77 percentage points [6]. - Revenue projections for 2025-2027 are 22.020 billion, 23.198 billion, and 24.300 billion yuan, with corresponding EPS of 0.43, 0.46, and 0.50 yuan [10]. - The company’s financial metrics indicate a stable growth trajectory, with a projected ROE of around 13.8% for 2025 [12].
中国飞鹤（06186）：公司事件点评报告：业绩稳健增长，期待需求回暖