CITIC SEC: AUSNUTRIA (01717) is expected to improve its full-year profit in 2024, and its full-year performance is expected to improve year-on-year in 2025.

CITIC SEC released a research report stating that in 2024, AUSNUTRIA (01717) achieved an income of 7.4 billion yuan, a year-on-year increase of 0.3%, and a net profit attributable to the mother of 240 million yuan, a year-on-year increase of 35.3%. In 2024H2, it achieved an income of 3.72 billion yuan, a year-on-year decrease of 3.8%, and a net profit attributable to the mother of 90 million yuan, compared to a loss of 10 million yuan in the same period last year. The company's overseas goat milk powder sales growth was impressive, while milk powder continued to be under pressure, and the nutritional supplement business performed steadily. Cost reduction, efficiency improvement, value chain optimization, and rebound in product pricing are expected to drive the company's overall profitability improvement for the year. Looking ahead to 2025, considering the continued strength of overseas goat milk powder and the expected improvement in milk powder, the bank predicts that the company's annual performance will improve year-on-year.