Milkground(600882) 平安证券·2025-04-22 08:25Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [5][11]. Core Views - The company focuses on cheese production, with a significant increase in revenue and net profit in Q1 2025, achieving a revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit of 82 million yuan, a year-on-year increase of 114.88% [3][5]. - The cheese segment generated 1.03 billion yuan in revenue in Q1 2025, accounting for 84.02% of total revenue, indicating a clear strategic focus on cheese [5]. - The company is optimizing its business structure and enhancing operational quality, with a clear direction for its main business development [5]. Financial Performance Summary - For 2025, the company is projected to achieve a revenue of 5.305 billion yuan, with a year-on-year growth of 9.5%, and a net profit of 199 million yuan, reflecting a year-on-year growth of 75% [4][9]. - The gross margin is expected to improve to 30.6% in 2025, with a net margin of 3.7% [4][9]. - The earnings per share (EPS) is projected to be 0.39 yuan in 2025, increasing to 0.82 yuan by 2027 [4][9]. Business Strategy and Market Position - The company is enhancing its channel strategies, focusing on both offline and online retail channels, including traditional e-commerce platforms and interest-based e-commerce platforms [5]. - The company is also developing new channels such as baking, snacks, and membership stores to expand its market reach [5]. - The major shareholder is Inner Mongolia Mengniu Dairy (Group) Co., Ltd., holding 36.63% of the shares, which indicates strong backing in the dairy industry [5].