The Zhitong Finance App learned that Haitong International released a research report saying that it maintains the “superior to the market” rating of Australian Premium (01717), based on intense competition in the industry as a whole, gross margin performance fell short of expectations, and reduced profit forecasts; it is estimated that the net profit of the mother for 2023-25 will be 6/74/970 million (originally 999/12 million yuan in 2023 and 24), with a target price of HK$453. The company's net profit in 2022 was 220 million yuan, and adjusted net profit was 470 million (one-time impairment of goodwill of 162 million and impairment of intangible assets and deferred income tax). Compared with the previous year, they all fell within the slightly low range of the profit warning center on March 20. Overall performance fell below the bank's expectations. The overall performance fell short of the bank's expectations. The resilience of Nanyang milk powder was obvious during the period, and milk powder was under pressure.

According to the report, premium Australian products are priced higher, mainstream products are in the 300+ yuan price range, and the industry is in a downward cycle of reduced volume development. Competitive pressure is high, combined consumption power is weak, and there are many promotions, so gross margin has declined a lot. However, the market share of premium Australian goat milk powder was strong, and Jiabeite's market share bucked the trend and increased sharply by 5 PCT in 2022. The bank expects that the company's goat milk powder revenue will maintain low double-digit growth in 2023, while milk powder will recover from a low to a double digit increase, but there is still a gap between the absolute value and the 2021 level. Competitive pressure slowed down after benefiting from the new national standard. Gross margin recovered in 2023 compared to 2022, but there is still a gap until 2021. The fee rate has remained relatively stable.