Milkground(600882) 东吴证券·2025-04-22 03:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 revenue of 1.23 billion yuan, a year-on-year increase of 6.3%, and a net profit of 80 million yuan, up 114.9% year-on-year, indicating a significant improvement in net profit margin [7] - The cheese business showed strong growth, with revenue expected to increase by over 15% year-on-year in Q1 2025, driven by the dual-brand synergy with Mengniu [7] - The company's gross margin improved by 2.8 percentage points to 31.5% due to a better product mix and cost control measures [7] - The forecast for 2025-2027 revenue has been adjusted to 5.3 billion, 6.1 billion, and 7.0 billion yuan respectively, with corresponding net profit estimates raised to 260 million, 400 million, and 560 million yuan [7] Financial Summary - For 2023, total revenue is projected at 5.32 billion yuan, with a year-on-year growth of 10.2% [1] - The net profit for 2023 is estimated at 600.7 million yuan, reflecting a significant decline of 56.35% compared to the previous year [1] - The earnings per share (EPS) for 2025 is expected to be 0.50 yuan, with a price-to-earnings (P/E) ratio of 54.46 [1] - The company’s total assets are projected to reach 8.48 billion yuan by 2025, with a debt-to-asset ratio of 45.54% [6][8]