You have a child cow. What do you think a child cow is? Probably a calf or a baby cow.
Since you should know the readings of the words 子 and 牛 from the previous level, you should be able to read this word too even though it's using the kun'yomi readings for the kanji.
This calf is still a little baby.
A very healthy calf was born.
Dear Santa Claus, please bring me a calf as a present.