Gran Hui, August 7 (Oriental Fortune Securities Research News) pointed out that the 002329.SZ Group has deeply ploughed the buffalo milk differentiation track, forming misplaced competition in the dairy industry. At present, it has achieved a breakthrough in the source of buffalo grandma through carrying out Nilafi buffalo embryo breeding work, breaking the bottleneck in the supply side of the industry. With the support of the policy of "Muguang complementarity", the company cut into the photovoltaic track, opened up the second growth pole, reduced costs and increased efficiency for the company, and realized the complementary advantages with the main dairy industry. The bank maintains its previous forecast, that is, the operating income of the company in 2023-2025 is 48.92max 73.53 / 10.364 billion yuan, the net profit of return to the parent is 0.37max 0.86 / 175 million yuan, and the EPS is 0.04max 0.10max 0.20yuan respectively. Taking into account the company's profit, we use the PS valuation method, the corresponding PS for 2023-2025 is 1.16770.770.55 times. Combined with the valuation of comparable companies in the same industry of dairy products and photovoltaic, it is considered that the reasonable valuation of the company is 8.659 billion yuan, that is, giving the company 1.18 times PS, corresponding to the target price of 9.96 yuan within 12 months, maintaining the "buy" rating.