Yili’s 3Q Profit Slightly Misses due to Lower Margins; Cutting FVE to CNY 25.50
Although top-line growth was in line with our forecast, narrow-moat Inner Mongolia Yili Industrial, or Yili, posted a worse-than-expected net profit in the third quarter. Revenue was up 13% year on year to CNY 21.3 billion, driven by strong volume growth of high-end liquid milk and yogurt products, coupled with robust demand in the lower-tier regions. However, the firm’s gross margin was hit by higher raw milk prices and an intensifying pricing war during the period, despite the operating expens...Inner Mongolia Yili Industrial Group, through its subsidiaries, is engaged in the purchasing, processing and selling milk; raising milk cows and animals; import and export trading; manufacturing and selling cold beverages; manufacturing milk powder, fluid milk, frozen food and dairy food; assets and enterprise entrusted operations; industrial plantation; processing agricultural product; manufacturing and selling dairy products; investment development; selling minerals, animals and by-products; real estate development, operation and consultation services; purchasing agricultural by-products; and purchasing and selling feeds.
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