Haitong International: Maintains AUSNUTRIA "Outperform" rating with a target price of HKD 3.1
Haitong International maintains AUSNUTRIA's "Outperform" rating, with a target price of HKD 3.1. It is expected that the operating revenue for 2025-2027 will be 7.67 billion, 7.88 billion, and 8.04 billion yuan respectively, with net profit attributable to the parent company at 310 million, 340 million, and 390 million yuan. The company's overseas market growth is significant, especially in the Middle East and North America, which grew by 54.2% and 138.7% respectively. Through the upgrade of the internal code system and channel inventory adjustment, AUSNUTRIA has demonstrated good resilience in a complex market environment and is expected to maintain steady growth
According to the Zhitong Finance APP, Haitong International released a research report maintaining an "Outperform" rating for AUSNUTRIA (01717), expecting the company's operating revenue for 2025-2027 to be 7.67/7.88/8.04 billion yuan, with year-on-year growth of 3.6%/2.8%/2.1%; net profit attributable to the parent company to be 310/340/390 million yuan, with year-on-year growth of 21.0%/8.0%/15.0%; EPS to be 0.18/0.19/0.22 yuan, with a target price of HKD 3.1. In the first half of 2025, AUSNUTRIA's overseas market has already become the company's second growth engine, with revenue growth of 54.2% in the Middle East market and 138.7% in the North American market.
The report states that the company will actively initiate an internal code system upgrade and adjust channel inventory in the first half of 2025. Although short-term shipments will decrease, this will improve product freshness and channel transparency, contributing to the long-term healthy development of the brand. At the same time, the company is focusing on deepening its internationalization strategy. Under the dual drive of "cattle and sheep," the sheep milk powder business continues to break through in overseas markets with its differentiated advantages. Kabrita, as the first infant formula goat milk powder approved by the U.S. FDA, has entered channels such as Walmart in the North American market. Additionally, the company is deepening its "milk powder + nutritional products" family nutrition strategy, enhancing efficiency through strengthened global supply chain management, and utilizing global resources for product innovation and iterative upgrades. The Nutrition Care and AiYisen brands launched in the nutritional products sector leverage scientific research strength to drive category breakthroughs, injecting new momentum into the company. With rapid growth in overseas markets, synergistic efforts in cow and goat milk powder, and the comprehensive rise of the nutritional products business, AUSNUTRIA demonstrates excellent corporate resilience and is expected to maintain steady growth in a complex and changing market environment
