非常看好这张票_老虎社区_美港股上老虎

2022-08-29

非常看好这张票

China Helps A2 Milk Beat Expectations<blockquote>中国帮助A2牛奶超出预期</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":660218030,"tweetId":"660218030","gmtCreate":1661754494422,"gmtModify":1661754494422,"author":{"id":3585526160686191,"idStr":"3585526160686191","authorId":3585526160686191,"authorIdStr":"3585526160686191","name":"猪头猪","avatar":"https://static.tigerbbs.com/6151a4f1b5fb228b8127f7fe1d4ce0f5","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>非常看好这张票</body></html>","htmlText":"<html><head></head><body>非常看好这张票</body></html>","text":"非常看好这张票","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/660218030","repostId":1180475662,"repostType":2,"repost":{"id":"1180475662","kind":"news","pubTimestamp":1661739077,"share":"https://www.laohu8.com/m/news/1180475662?lang=zh_CN&edition=full","pubTime":"2022-08-29 10:11","market":"nz","language":"en","title":"China Helps A2 Milk Beat Expectations<blockquote>中国帮助A2牛奶超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180475662","media":"AFR","summary":"A better-than-expected result in China is making The a2 Milk Company a rare bright spot on the marke","content":"<html><head></head><body>A better-than-expected result in China is making The a2 Milk Company a rare bright spot on the market thanks to double-digit growth in earnings and sales as well as plans for a $NZ150 million ($133.6 million) buyback.<blockquote><html><head></head><body>由于盈利和销售额实现两位数增长，以及1.5亿新西兰元（1.336亿美元）的回购计划，a2牛奶公司在中国的业绩好于预期，成为市场上罕见的亮点。</body></html></blockquote>Investors liked the news from the dual-listed company, piling into a2 Milk and sending the stock up 8.4 percent to $5.32 each. It was one of only three S&amp;P/ASX 200 Index companies to be in the black as of mid-morning on Monday.<blockquote>投资者喜欢这家双重上市公司的消息，纷纷买入a2 Milk，推动该股上涨8.4%，至每股5.32美元。截至周一上午中旬，它是仅有的三家实现盈利的S&amp;P/ASX 200指数公司之一。</blockquote><img src=\"https://static.tigerbbs.com/17ef608301719f635626838d8b7ec368\" tg-width=\"642\" tg-height=\"291\" referrerpolicy=\"no-referrer\"/>Chief executive David Bortolussi said the inventory management actions taken last calendar year to reduce excess milk formula were effective and now at target levels. He said product freshness is now among the best in the industry and market pricing has improved.<blockquote>首席执行官David Bortolussi表示，去年为减少过量配方奶粉而采取的库存管理行动是有效的，目前已达到目标水平。他表示，产品新鲜度现在在行业中名列前茅，市场定价也有所提高。</blockquote>A year ago, a2 Milk took more than $NZ100 million in stock write-downs of aged inventory.<blockquote>一年前，a2 Milk对陈旧库存进行了超过1亿新西兰元的股票减记。</blockquote>“Those difficult decisions we made last year around different inventory have worked and set the foundation for the result this year,” he told investors on a call.<blockquote>“我们去年围绕不同库存做出的艰难决定发挥了作用，并为今年的结果奠定了基础，”他在看涨期权上对投资者表示。</blockquote>“We’ve made the right calls in relation to that, and the focus on the channels to market and our execution of all those initiatives is really starting to make good early progress.”<blockquote>“我们已经在这方面制定了正确的评级，对市场渠道的关注以及我们对所有这些举措的执行确实开始取得良好的早期进展。”</blockquote>Mr Bortolussi said a2 Milk is on track to meet its medium-term ambition to grow sales to $NZ2 billion or more and improve margins over time.<blockquote>Bortolussi先生表示，a2 Milk有望实现其中期目标，即销售额增长至20亿新西兰元或更多，并随着时间的推移提高利润率。</blockquote>He expects high single-digit revenue growth in fiscal 2023 after posting a 19.8 percent jump to $NZ1.446.2 billion in sales over the 2022 year. This was underpinned by Chinese and English label sales rising 12.2 percent and 11.6 percent, respectively.<blockquote>他预计2023财年的收入将实现高个位数增长，此前2022年销售额将增长19.8%，达到14.462亿新西兰元。中英文标签销售额分别增长12.2%和11.6%，支撑了这一增长。</blockquote>Gross margin percentage this financial year was expected to be broadly in line with 2022 – consensus is sitting at 14.3 percent this year – with cost pressures to be offset by price increases, mix benefits and cost mitigation initiatives.<blockquote>本财年的毛利率预计将与2022年基本一致——今年的共识为14.3%——成本压力将被价格上涨、综合效益和成本缓解举措所抵消。</blockquote>Australia New Zealand and USA liquid milk sales gained 1.8 percent and 30.2 percent respectively over the 2022 year.<blockquote>2022年，澳大利亚、新西兰和美国的液态奶销量分别增长1.8%和30.2%。</blockquote>Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 59 percent to $NZ196.2 million. The EBITDA to sales margin increased to 13.6 percent compared with 10.2 percent a year ago.<blockquote>息税折旧摊销前利润(EBITDA)增长59%，达到1.962亿新西兰元。EBITDA与销售利润率从一年前的10.2%增至13.6%。</blockquote>Net profit after tax gained 52 percent to $NZ122.6 million. NPAT was slightly lower at $114.2 million when considering its partial holding milk and nutritional powders maker Mataura Valley Milk, which posted a loss.<blockquote>税后净利润增长52%，达到1.226亿新西兰元。考虑到其部分控股的牛奶和营养粉制造商Mataura Valley Milk出现亏损，NPAT略有下降，为1.142亿美元。</blockquote>The on-market buyback will kick off towards the end of September and may run for up to a year. The program will not exceed 5 percent of the issued capital.<blockquote>场内回购将于9月底开始，可能持续长达一年。该计划不会超过已发行资本的5%。</blockquote>China is better than expected<blockquote>中国好于预期</blockquote>Analysts were highly complimentary of the results and turnaround.<blockquote>分析师对业绩和扭亏为盈给予了高度评价。</blockquote>Bank of American analyst David Errington said on a call it appears Mr Bortolussi has better control of the operations now. Citi analyst Sam Teeger said in a note that the full-year results were driven primarily by a better-than-expected China performance.<blockquote>美国银行分析师大卫·埃林顿(David Errington)在看涨期权上表示，博尔托鲁西先生现在似乎对业务有了更好的控制。花旗分析师Sam Teeger在一份报告中表示，全年业绩主要是由好于预期的中国业绩推动的。</blockquote>A2 Milk’s most critical business development focus was to ensure it delivered its full potential in China, the biggest formula market in the world valued in the region at $26 billion.<blockquote>A2 Milk最重要的业务发展重点是确保其在中国充分发挥潜力，中国是全球最大的配方奶粉市场，该地区价值260亿美元。</blockquote>A2 Milk continued to grow its market share in China – despite sales to daigou falling. The Australian Financial Review recently revealed that a2 milk’s biggest daigou customer had not been buying any tins since March.<blockquote>A2 Milk在中国的市场份额继续增长——尽管对代购的销售额下降。澳大利亚金融评论最近透露，a2 milk最大的代购客户自3月份以来就没有购买过任何罐头。</blockquote>Mr Bortolussi said the Shanghai lockdowns actually helped sales, inducing some panic buying from March/April onwards. But he expects some of that consumer demand to unwind this half. A2 Milk is putting up prices to counter the rising costs of doing business like freight.<blockquote>博尔托鲁西表示，上海的封锁实际上有助于销售，从3月/4月开始引发了一些恐慌性购买。但他预计今年上半年部分消费者需求将会减弱。A2 Milk正在提高价格，以应对运费等业务成本的上涨。</blockquote>The number of births in China fell by 11.5 percent in 2022, and the birthrate is expected to slide further, presenting problems for the entire infant formula sector.<blockquote>2022年中国出生人数下降11.5%，预计出生率将进一步下滑，给整个婴儿配方奶粉行业带来问题。</blockquote>Well-known brand<blockquote>知名品牌</blockquote>This decline was partially offset by more households buying formula. But in volume terms, the overall market in China fell by 4.3 percent in fiscal 2022, with several years of declining newborns having an impact on sales of formula tins Stages 2 and 3. This was partially offset with growth in Stage 4 tins – aimed at toddlers.<blockquote>这一下降被更多家庭购买配方奶粉部分抵消。但就销量而言，中国整体市场在2022财年下降了4.3%，连续几年新生儿数量下降对2期和3期配方奶粉罐的销售产生了影响。这被针对幼儿的第4阶段罐头的增长部分抵消。</blockquote>Mr Bortolussi told analysts that it was easy to get caught up in the falling China birthrate headline but when looking at the segments in which a2 Milk plays, the premiumisation trend continues higher.<blockquote>Bortolussi先生告诉分析师，人们很容易陷入中国出生率下降的头条新闻，但当观察a2牛奶所处的细分市场时，优质化趋势继续走高。</blockquote>“It’s easy to get caught up in that birth rate impact, but overall, we only have a 4 or 5 percent share of the market, our brand is one of the most well known from a consumer point of view,” he said.<blockquote>“人们很容易受到出生率的影响，但总体而言，我们只有4%或5%的市场份额，从消费者的角度来看，我们的品牌是最知名的品牌之一，”他说。</blockquote>Mr Bortolussi said the ultra-premium segment is still growing and so is the a2 protein category, which puts a2 Milk in a good position as the pioneer in this category.<blockquote>Bortolussi先生表示，超优质细分市场仍在增长，a2蛋白质类别也在增长，这使得a2牛奶作为该类别的先驱处于有利地位。</blockquote>China label infant formula sales are expected to rise this year with significant growth in sales this half while the second half sales growth is expected to be impacted by the transition to the company’s pending new GB registration.<blockquote>中国标签婴儿配方奶粉销售额预计今年将上升，其中上半年销售额将大幅增长，而下半年销售额增长预计将受到该公司即将进行的新英国注册的过渡的影响。</blockquote>Mr Bortoulssi warned that while its registration process to China’s State Administration for Market Regulation for its China label IMF product was processing with its partner NZ’s Synlait, the timing for any approval was uncertain.<blockquote>Bortoulssi先生警告说，虽然其中国标签IMF产品正在与其合作伙伴新西兰Synlait一起向中国国家市场监督管理总局进行注册，但任何批准的时间都不确定。</blockquote>He noted that he does expect to get an extension to its current licence in September.<blockquote>他指出，他确实希望在9月份获得当前许可证的延期。</blockquote>Mr Bortolussi said despite the recent setback by the key US regulator to defer its entry into the US market, the outlook for the business this year was positive with continued revenue and earnings growth expected.<blockquote>博尔托鲁西表示，尽管美国主要监管机构最近因推迟进入美国市场而遭遇挫折，但该业务今年的前景乐观，预计收入和盈利将持续增长。</blockquote>The company is on track to deliver on its medium-term financial and non-financial ambitions to achieve $NZ2 billion in annual sales over the medium term which was flagged at the investor day last October.<blockquote>该公司有望实现其中期财务和非财务目标，即在去年10月投资者日宣布的中期年销售额达到20亿新西兰元。</blockquote>The company also announced today the appointment of David Wang as a non-executive director, while deputy chairman, Julia Hoare, plans to step down after 2023 interim results in February.<blockquote>该公司今天还宣布任命David Wang为非执行董事，而副董事长Julia Hoare计划在2月份公布2023年中期业绩后辞职。</blockquote></body></html><blockquote></blockquote>","source":"lsy1647389686240","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Helps A2 Milk Beat Expectations<blockquote>中国帮助A2牛奶超出预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nAFR2022-08-29 10:11\n\n</h4>\n</header>\n<article>\n<html><head></head><body>A better-than-expected result in China is making The a2 Milk Company a rare bright spot on the market thanks to double-digit growth in earnings and sales as well as plans for a $NZ150 million ($133.6 million) buyback.<blockquote><html><head></head><body>由于盈利和销售额实现两位数增长，以及1.5亿新西兰元（1.336亿美元）的回购计划，a2牛奶公司在中国的业绩好于预期，成为市场上罕见的亮点。</body></html></blockquote>Investors liked the news from the dual-listed company, piling into a2 Milk and sending the stock up 8.4 percent to $5.32 each. It was one of only three S&amp;P/ASX 200 Index companies to be in the black as of mid-morning on Monday.<blockquote>投资者喜欢这家双重上市公司的消息，纷纷买入a2 Milk，推动该股上涨8.4%，至每股5.32美元。截至周一上午中旬，它是仅有的三家实现盈利的S&amp;P/ASX 200指数公司之一。</blockquote><img src=\"https://static.tigerbbs.com/17ef608301719f635626838d8b7ec368\" tg-width=\"642\" tg-height=\"291\" referrerpolicy=\"no-referrer\"/>Chief executive David Bortolussi said the inventory management actions taken last calendar year to reduce excess milk formula were effective and now at target levels. He said product freshness is now among the best in the industry and market pricing has improved.<blockquote>首席执行官David Bortolussi表示，去年为减少过量配方奶粉而采取的库存管理行动是有效的，目前已达到目标水平。他表示，产品新鲜度现在在行业中名列前茅，市场定价也有所提高。</blockquote>A year ago, a2 Milk took more than $NZ100 million in stock write-downs of aged inventory.<blockquote>一年前，a2 Milk对陈旧库存进行了超过1亿新西兰元的股票减记。</blockquote>“Those difficult decisions we made last year around different inventory have worked and set the foundation for the result this year,” he told investors on a call.<blockquote>“我们去年围绕不同库存做出的艰难决定发挥了作用，并为今年的结果奠定了基础，”他在看涨期权上对投资者表示。</blockquote>“We’ve made the right calls in relation to that, and the focus on the channels to market and our execution of all those initiatives is really starting to make good early progress.”<blockquote>“我们已经在这方面制定了正确的评级，对市场渠道的关注以及我们对所有这些举措的执行确实开始取得良好的早期进展。”</blockquote>Mr Bortolussi said a2 Milk is on track to meet its medium-term ambition to grow sales to $NZ2 billion or more and improve margins over time.<blockquote>Bortolussi先生表示，a2 Milk有望实现其中期目标，即销售额增长至20亿新西兰元或更多，并随着时间的推移提高利润率。</blockquote>He expects high single-digit revenue growth in fiscal 2023 after posting a 19.8 percent jump to $NZ1.446.2 billion in sales over the 2022 year. This was underpinned by Chinese and English label sales rising 12.2 percent and 11.6 percent, respectively.<blockquote>他预计2023财年的收入将实现高个位数增长，此前2022年销售额将增长19.8%，达到14.462亿新西兰元。中英文标签销售额分别增长12.2%和11.6%，支撑了这一增长。</blockquote>Gross margin percentage this financial year was expected to be broadly in line with 2022 – consensus is sitting at 14.3 percent this year – with cost pressures to be offset by price increases, mix benefits and cost mitigation initiatives.<blockquote>本财年的毛利率预计将与2022年基本一致——今年的共识为14.3%——成本压力将被价格上涨、综合效益和成本缓解举措所抵消。</blockquote>Australia New Zealand and USA liquid milk sales gained 1.8 percent and 30.2 percent respectively over the 2022 year.<blockquote>2022年，澳大利亚、新西兰和美国的液态奶销量分别增长1.8%和30.2%。</blockquote>Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 59 percent to $NZ196.2 million. The EBITDA to sales margin increased to 13.6 percent compared with 10.2 percent a year ago.<blockquote>息税折旧摊销前利润(EBITDA)增长59%，达到1.962亿新西兰元。EBITDA与销售利润率从一年前的10.2%增至13.6%。</blockquote>Net profit after tax gained 52 percent to $NZ122.6 million. NPAT was slightly lower at $114.2 million when considering its partial holding milk and nutritional powders maker Mataura Valley Milk, which posted a loss.<blockquote>税后净利润增长52%，达到1.226亿新西兰元。考虑到其部分控股的牛奶和营养粉制造商Mataura Valley Milk出现亏损，NPAT略有下降，为1.142亿美元。</blockquote>The on-market buyback will kick off towards the end of September and may run for up to a year. The program will not exceed 5 percent of the issued capital.<blockquote>场内回购将于9月底开始，可能持续长达一年。该计划不会超过已发行资本的5%。</blockquote>China is better than expected<blockquote>中国好于预期</blockquote>Analysts were highly complimentary of the results and turnaround.<blockquote>分析师对业绩和扭亏为盈给予了高度评价。</blockquote>Bank of American analyst David Errington said on a call it appears Mr Bortolussi has better control of the operations now. Citi analyst Sam Teeger said in a note that the full-year results were driven primarily by a better-than-expected China performance.<blockquote>美国银行分析师大卫·埃林顿(David Errington)在看涨期权上表示，博尔托鲁西先生现在似乎对业务有了更好的控制。花旗分析师Sam Teeger在一份报告中表示，全年业绩主要是由好于预期的中国业绩推动的。</blockquote>A2 Milk’s most critical business development focus was to ensure it delivered its full potential in China, the biggest formula market in the world valued in the region at $26 billion.<blockquote>A2 Milk最重要的业务发展重点是确保其在中国充分发挥潜力，中国是全球最大的配方奶粉市场，该地区价值260亿美元。</blockquote>A2 Milk continued to grow its market share in China – despite sales to daigou falling. The Australian Financial Review recently revealed that a2 milk’s biggest daigou customer had not been buying any tins since March.<blockquote>A2 Milk在中国的市场份额继续增长——尽管对代购的销售额下降。澳大利亚金融评论最近透露，a2 milk最大的代购客户自3月份以来就没有购买过任何罐头。</blockquote>Mr Bortolussi said the Shanghai lockdowns actually helped sales, inducing some panic buying from March/April onwards. But he expects some of that consumer demand to unwind this half. A2 Milk is putting up prices to counter the rising costs of doing business like freight.<blockquote>博尔托鲁西表示，上海的封锁实际上有助于销售，从3月/4月开始引发了一些恐慌性购买。但他预计今年上半年部分消费者需求将会减弱。A2 Milk正在提高价格，以应对运费等业务成本的上涨。</blockquote>The number of births in China fell by 11.5 percent in 2022, and the birthrate is expected to slide further, presenting problems for the entire infant formula sector.<blockquote>2022年中国出生人数下降11.5%，预计出生率将进一步下滑，给整个婴儿配方奶粉行业带来问题。</blockquote>Well-known brand<blockquote>知名品牌</blockquote>This decline was partially offset by more households buying formula. But in volume terms, the overall market in China fell by 4.3 percent in fiscal 2022, with several years of declining newborns having an impact on sales of formula tins Stages 2 and 3. This was partially offset with growth in Stage 4 tins – aimed at toddlers.<blockquote>这一下降被更多家庭购买配方奶粉部分抵消。但就销量而言，中国整体市场在2022财年下降了4.3%，连续几年新生儿数量下降对2期和3期配方奶粉罐的销售产生了影响。这被针对幼儿的第4阶段罐头的增长部分抵消。</blockquote>Mr Bortolussi told analysts that it was easy to get caught up in the falling China birthrate headline but when looking at the segments in which a2 Milk plays, the premiumisation trend continues higher.<blockquote>Bortolussi先生告诉分析师，人们很容易陷入中国出生率下降的头条新闻，但当观察a2牛奶所处的细分市场时，优质化趋势继续走高。</blockquote>“It’s easy to get caught up in that birth rate impact, but overall, we only have a 4 or 5 percent share of the market, our brand is one of the most well known from a consumer point of view,” he said.<blockquote>“人们很容易受到出生率的影响，但总体而言，我们只有4%或5%的市场份额，从消费者的角度来看，我们的品牌是最知名的品牌之一，”他说。</blockquote>Mr Bortolussi said the ultra-premium segment is still growing and so is the a2 protein category, which puts a2 Milk in a good position as the pioneer in this category.<blockquote>Bortolussi先生表示，超优质细分市场仍在增长，a2蛋白质类别也在增长，这使得a2牛奶作为该类别的先驱处于有利地位。</blockquote>China label infant formula sales are expected to rise this year with significant growth in sales this half while the second half sales growth is expected to be impacted by the transition to the company’s pending new GB registration.<blockquote>中国标签婴儿配方奶粉销售额预计今年将上升，其中上半年销售额将大幅增长，而下半年销售额增长预计将受到该公司即将进行的新英国注册的过渡的影响。</blockquote>Mr Bortoulssi warned that while its registration process to China’s State Administration for Market Regulation for its China label IMF product was processing with its partner NZ’s Synlait, the timing for any approval was uncertain.<blockquote>Bortoulssi先生警告说，虽然其中国标签IMF产品正在与其合作伙伴新西兰Synlait一起向中国国家市场监督管理总局进行注册，但任何批准的时间都不确定。</blockquote>He noted that he does expect to get an extension to its current licence in September.<blockquote>他指出，他确实希望在9月份获得当前许可证的延期。</blockquote>Mr Bortolussi said despite the recent setback by the key US regulator to defer its entry into the US market, the outlook for the business this year was positive with continued revenue and earnings growth expected.<blockquote>博尔托鲁西表示，尽管美国主要监管机构最近因推迟进入美国市场而遭遇挫折，但该业务今年的前景乐观，预计收入和盈利将持续增长。</blockquote>The company is on track to deliver on its medium-term financial and non-financial ambitions to achieve $NZ2 billion in annual sales over the medium term which was flagged at the investor day last October.<blockquote>该公司有望实现其中期财务和非财务目标，即在去年10月投资者日宣布的中期年销售额达到20亿新西兰元。</blockquote>The company also announced today the appointment of David Wang as a non-executive director, while deputy chairman, Julia Hoare, plans to step down after 2023 interim results in February.<blockquote>该公司今天还宣布任命David Wang为非执行董事，而副董事长Julia Hoare计划在2月份公布2023年中期业绩后辞职。</blockquote></body></html><blockquote></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.afr.com/companies/manufacturing/a2-milk-to-launch-136m-buyback-20220829-p5bdgn\">AFR</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"A2M.AU":"A2 MILK CO LTD","ACOPF":"A2 Milk Co Ltd."},"source_url":"https://www.afr.com/companies/manufacturing/a2-milk-to-launch-136m-buyback-20220829-p5bdgn","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180475662","content_text":"A better-than-expected result in China is making The a2 Milk Company a rare bright spot on the market thanks to double-digit growth in earnings and sales as well as plans for a $NZ150 million ($133.6 million) buyback.Investors liked the news from the dual-listed company, piling into a2 Milk and sending the stock up 8.4 percent to $5.32 each. It was one of only three S&P/ASX 200 Index companies to be in the black as of mid-morning on Monday.Chief executive David Bortolussi said the inventory management actions taken last calendar year to reduce excess milk formula were effective and now at target levels. He said product freshness is now among the best in the industry and market pricing has improved.A year ago, a2 Milk took more than $NZ100 million in stock write-downs of aged inventory.“Those difficult decisions we made last year around different inventory have worked and set the foundation for the result this year,” he told investors on a call.“We’ve made the right calls in relation to that, and the focus on the channels to market and our execution of all those initiatives is really starting to make good early progress.”Mr Bortolussi said a2 Milk is on track to meet its medium-term ambition to grow sales to $NZ2 billion or more and improve margins over time.He expects high single-digit revenue growth in fiscal 2023 after posting a 19.8 percent jump to $NZ1.446.2 billion in sales over the 2022 year. This was underpinned by Chinese and English label sales rising 12.2 percent and 11.6 percent, respectively.Gross margin percentage this financial year was expected to be broadly in line with 2022 – consensus is sitting at 14.3 percent this year – with cost pressures to be offset by price increases, mix benefits and cost mitigation initiatives.Australia New Zealand and USA liquid milk sales gained 1.8 percent and 30.2 percent respectively over the 2022 year.Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 59 percent to $NZ196.2 million. The EBITDA to sales margin increased to 13.6 percent compared with 10.2 percent a year ago.Net profit after tax gained 52 percent to $NZ122.6 million. NPAT was slightly lower at $114.2 million when considering its partial holding milk and nutritional powders maker Mataura Valley Milk, which posted a loss.The on-market buyback will kick off towards the end of September and may run for up to a year. The program will not exceed 5 percent of the issued capital.China is better than expectedAnalysts were highly complimentary of the results and turnaround.Bank of American analyst David Errington said on a call it appears Mr Bortolussi has better control of the operations now. Citi analyst Sam Teeger said in a note that the full-year results were driven primarily by a better-than-expected China performance.A2 Milk’s most critical business development focus was to ensure it delivered its full potential in China, the biggest formula market in the world valued in the region at $26 billion.A2 Milk continued to grow its market share in China – despite sales to daigou falling. The Australian Financial Review recently revealed that a2 milk’s biggest daigou customer had not been buying any tins since March.Mr Bortolussi said the Shanghai lockdowns actually helped sales, inducing some panic buying from March/April onwards. But he expects some of that consumer demand to unwind this half. A2 Milk is putting up prices to counter the rising costs of doing business like freight.The number of births in China fell by 11.5 percent in 2022, and the birthrate is expected to slide further, presenting problems for the entire infant formula sector.Well-known brandThis decline was partially offset by more households buying formula. But in volume terms, the overall market in China fell by 4.3 percent in fiscal 2022, with several years of declining newborns having an impact on sales of formula tins Stages 2 and 3. This was partially offset with growth in Stage 4 tins – aimed at toddlers.Mr Bortolussi told analysts that it was easy to get caught up in the falling China birthrate headline but when looking at the segments in which a2 Milk plays, the premiumisation trend continues higher.“It’s easy to get caught up in that birth rate impact, but overall, we only have a 4 or 5 percent share of the market, our brand is one of the most well known from a consumer point of view,” he said.Mr Bortolussi said the ultra-premium segment is still growing and so is the a2 protein category, which puts a2 Milk in a good position as the pioneer in this category.China label infant formula sales are expected to rise this year with significant growth in sales this half while the second half sales growth is expected to be impacted by the transition to the company’s pending new GB registration.Mr Bortoulssi warned that while its registration process to China’s State Administration for Market Regulation for its China label IMF product was processing with its partner NZ’s Synlait, the timing for any approval was uncertain.He noted that he does expect to get an extension to its current licence in September.Mr Bortolussi said despite the recent setback by the key US regulator to defer its entry into the US market, the outlook for the business this year was positive with continued revenue and earnings growth expected.The company is on track to deliver on its medium-term financial and non-financial ambitions to achieve $NZ2 billion in annual sales over the medium term which was flagged at the investor day last October.The company also announced today the appointment of David Wang as a non-executive director, while deputy chairman, Julia Hoare, plans to step down after 2023 interim results in February.","news_type":1,"symbols_score_info":{"A2M.AU":0.9,"ACOPF":0.9}},"isVote":1,"tweetType":1,"viewCount":2657,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":14,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/660218030"}