Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 82.4 million yuan, up 114.88% year-on-year [1][3] - The cheese business has significantly increased its share of total revenue, accounting for 83.53% of total revenue, up from 67.61% in the same period last year [3] - The company has shown strong operational momentum following the integration of Mengniu Cheese, with a focus on optimizing product structure and enhancing brand presence [3] Revenue and Profitability - In Q1 2025, the company’s revenue from liquid milk, cheese, and dairy product trading was 94.84 million yuan, 1.03 billion yuan, and 101 million yuan, respectively [3] - The gross margin for Q1 was 31.49%, an increase of 2.83 percentage points year-on-year, attributed to product structure optimization and increased cheese revenue [3] - The net profit margin for Q1 reached 6.68%, up 3.38 percentage points year-on-year, indicating a significant increase in net profit [3] Market Position and Growth Potential - The company is positioned as the market leader in the cheese sector, with expectations for continued growth driven by domestic raw milk utilization and the maturation of production processes [3] - The forecasted EPS for 2025-2027 is 0.41, 0.57, and 0.82 yuan, corresponding to P/E ratios of 64X, 46X, and 32X respectively, indicating strong growth potential [3][4]

Core Viewpoint - The company reported strong financial performance in Q1 2025, with revenue and net profit exceeding expectations, driven by better-than-expected performance in the restaurant and household cheese segments [1][2]. Financial Performance - Q1 2025 revenue reached 1.23 billion yuan, a year-on-year increase of 6.26% - Net profit attributable to shareholders was 82.397 million yuan, up 114.88% year-on-year - Deducted net profit was 64.941 million yuan, reflecting a year-on-year growth of 110.23% [1]. Development Trends - Cheese revenue showed a strong recovery, with significant contributions from the restaurant and household cheese segments - The company anticipates double-digit year-on-year growth in cheese revenue for Q1 2025, despite overall revenue growth of 6.3% being slower due to a focus on cheese and a reduction in trading business - The company has introduced new products, such as cheese sticks and cheese spreads, which have contributed to growth in the ready-to-eat nutrition segment [2]. Product Structure and Cost Management - Gross margin improved by 2.8 percentage points to 31.5% in Q1 2025, attributed to a decrease in low-margin trading and liquid milk revenue, lower costs of some raw materials, and economies of scale in cheese revenue - Sales expense ratio decreased by 2.7 percentage points due to reduced advertising and promotional expenses, while management expense ratio remained stable - Net profit margin increased by 3.4 percentage points to 6.7% [3]. Profit Forecast and Valuation - The company raised its net profit forecasts for 2025 and 2026 by 6.3% and 5.9%, respectively, due to better-than-expected performance in the restaurant and household cheese segments - The current trading P/E ratio is 43.4 times for 2026, with a target price increase of 40% to 28 yuan, corresponding to a P/E of 48.6 times for 2026 and an upside potential of 5.8% - The long-term growth potential in the cheese sector is significant, maintaining an outperform rating relative to the industry [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 82.4 million yuan, up 114.88% year-on-year [1][3] - The cheese business has significantly increased its share of total revenue, accounting for 83.53% of total revenue, compared to 67.61% in the same period last year [3] - The company has shown strong operational momentum following the integration of Mengniu Cheese, with a focus on optimizing product structure and enhancing brand presence [3] Revenue and Profitability - In Q1, the company's gross margin was 31.49%, an increase of 2.83 percentage points year-on-year, attributed to product structure optimization and increased cheese revenue [3] - The sales expense ratio decreased to 16.80%, down 2.68 percentage points year-on-year, reflecting cost control efforts [3] - The net profit margin for Q1 reached 6.68%, an increase of 3.38 percentage points year-on-year [3] Financial Forecast - The company expects EPS for 2025, 2026, and 2027 to be 0.41 yuan, 0.57 yuan, and 0.82 yuan respectively, corresponding to P/E ratios of 64X, 46X, and 32X [3][4] - Projected total revenue for 2025 is 5.38 billion yuan, with a year-on-year growth rate of 11.1% [4] - The company anticipates a significant increase in net profit, with projections of 212 million yuan for 2025, reflecting an 86.6% year-on-year growth [4] Market Position and Strategy - The company is positioned as the market leader in the cheese sector, with expectations of benefiting from industry growth and domestic raw material substitution [3] - The company is actively developing various sales channels, including retail and B2B, to enhance market penetration and service capabilities [3]

188只个股今日获机构买入型评级，登康口腔、健帆生物最新评级被调高，18股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布265条买入型评级记录，共涉及188只个股。银轮股 份、妙可蓝多等关注度最高，均有6次机构买入型评级记录。 | 代码 | 简称 | 买入评级家数 | 今日涨跌幅（%） | 动态市盈率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | | 002126 | 银轮股份 | 6 | -2.57 | 25.90 | 汽车 | | 600882 | 妙可蓝多 | 6 | -3.68 | 41.11 | 食品饮料 | | 688041 | 海光信息 | 5 | -1.05 | | 电子 | | 600346 | 恒力石化 | 5 | -0.38 | 13.37 | 石油石化 | | 301498 | 乖宝宠物 | 5 | -2.59 | 48.36 | 农林牧渔 | | 601009 | 南京银行 | 5 | 0.00 | 4.73 | 银行 | | 600584 | 长电科技 | 4 | -1.15 | 36.43 | 电子 | | 6038 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 妙可蓝多25Q1实现营业收入12.3亿元，同比+6.3%（调整后）；归母净利润0.8亿元，同比+114.9%（调整 后）；扣非归母净利润0.6亿元，同比+110.2%。 并表后奶酪业务收入同比增加明显 1）分产品看：25Q1奶酪/液态奶/贸易收入分别为10.30/0.95/1.01亿元，和蒙牛奶酪并表前的24Q1各业务收 入分别为7.85/0.81/0.82亿元。2）分渠道看：25Q1经销/直营/贸易收入分别为9.59/1.65/1.01亿元，并表前 的24Q1各渠道收入分别为7.35/1.31/0.82亿元。3）分地区看：25Q1北区/中区/南区收入分别为4.64/5.14/ 2.48亿元，并表前的24Q1各地区收入分别为3.74/3.87/1.87亿元。截 ...

点击注册小程序 查看完整报告 特别申明： 与蒙牛协同推进降本增效，上新加快逐步贡献业绩增量 事件： 妙可蓝多25Q1实现营业收入12.3亿元，同比+6.3%（调整后）；归母净利润0.8亿元，同比+114.9%（调整 后）；扣非归母净利润0.6亿元，同比+110.2%。 并表后奶酪业务收入同比增加明显 1）分产品看：25Q1奶酪/液态奶/贸易收入分别为10.30/0.95/1.01亿元，和蒙牛奶酪并表前的24Q1各业务收 入分别为7.85/0.81/0.82亿元。2）分渠道看：25Q1经销/直营/贸易收入分别为9.59/1.65/1.01亿元，并表前 的24Q1各渠道收入分别为7.35/1.31/0.82亿元。3）分地区看：25Q1北区/中区/南区收入分别为4.64/5.14/ 2.48亿元，并表前的24Q1各地区收入分别为3.74/3.87/1.87亿元。截至25Q1末，北区/中区/南区经销商数量 分别为3662/2424/1960个，总计8046个，较24年末分别增加111/106/32个，总计净增加249个，经销商数量 持续增加。 产品结构优化及积极控费下，25Q1归母净利率同比改善 1）毛利率：25Q1 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [5][11]. Core Views - The company focuses on cheese production, with a significant increase in revenue and net profit in Q1 2025, achieving a revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit of 82 million yuan, a year-on-year increase of 114.88% [3][5]. - The cheese segment generated 1.03 billion yuan in revenue in Q1 2025, accounting for 84.02% of total revenue, indicating a clear strategic focus on cheese [5]. - The company is optimizing its business structure and enhancing operational quality, with a clear direction for its main business development [5]. Financial Performance Summary - For 2025, the company is projected to achieve a revenue of 5.305 billion yuan, with a year-on-year growth of 9.5%, and a net profit of 199 million yuan, reflecting a year-on-year growth of 75% [4][9]. - The gross margin is expected to improve to 30.6% in 2025, with a net margin of 3.7% [4][9]. - The earnings per share (EPS) is projected to be 0.39 yuan in 2025, increasing to 0.82 yuan by 2027 [4][9]. Business Strategy and Market Position - The company is enhancing its channel strategies, focusing on both offline and online retail channels, including traditional e-commerce platforms and interest-based e-commerce platforms [5]. - The company is also developing new channels such as baking, snacks, and membership stores to expand its market reach [5]. - The major shareholder is Inner Mongolia Mengniu Dairy (Group) Co., Ltd., holding 36.63% of the shares, which indicates strong backing in the dairy industry [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 revenue of 1.23 billion yuan, a year-on-year increase of 6.3%, and a net profit of 80 million yuan, up 114.9% year-on-year, indicating a significant improvement in net profit margin [7] - The cheese business showed strong growth, with expected revenue growth of over 15% year-on-year in Q1 2025, driven by the synergy from the merger with Mengniu Dairy [7] - The company's gross margin improved by 2.8 percentage points to 31.5% in Q1 2025, attributed to a higher proportion of high-margin cheese products and a reduction in low-margin liquid milk business [7] - The forecast for revenue has been adjusted downwards for 2025-2027 to 5.3 billion, 6.1 billion, and 7.0 billion yuan respectively, while net profit forecasts have been raised to 260 million, 400 million, and 560 million yuan respectively for the same period [7] Financial Summary - Total revenue for 2023 is projected at 5.32 billion yuan, with a year-on-year growth of 10.2% [1] - The net profit for 2023 is expected to be 600.7 million yuan, reflecting a year-on-year decline of 56.35% [1] - The latest diluted EPS for 2025 is projected at 0.50 yuan per share, with a P/E ratio of 54.46 [1] - The company’s total assets are estimated to reach 8.48 billion yuan by 2025, with total liabilities of 3.82 billion yuan [8]

Core Insights - The company achieved significant growth in both revenue and net profit in Q1 2025, demonstrating strong market performance and efficient operational management [1][2] Financial Performance - In Q1 2025, the company reported revenue of 1.233 billion yuan, a year-on-year increase of 6.26% [2] - The net profit attributable to shareholders reached 82.40 million yuan, marking a substantial year-on-year increase of 114.88% [2] Market Strategy and Product Innovation - The company's growth is supported by its deep focus on the cheese market, with increased investment in product innovation, launching new products that cater to family consumption and health needs [4] - Collaborations with major retailers and e-commerce platforms have expanded the company's product coverage and market penetration [4] Strategic Outlook - The company has a clear strategic layout and long-term development plan centered around cheese, anticipating a diversified product innovation and consumption expansion in the Chinese cheese market [5] - The CEO highlighted that policies promoting domestic demand and high-quality consumption trends provide certainty for the development of the cheese industry in China [7] Competitive Advantages - The company aims to enhance its core competitive capabilities across four dimensions: innovation in cheese snacks, product innovation for B2B and family dining, building a self-sufficient supply chain, and optimizing cost efficiency across all operational aspects [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 revenue of 1.23 billion yuan, a year-on-year increase of 6.3%, and a net profit of 80 million yuan, up 114.9% year-on-year, indicating a significant improvement in net profit margin [7] - The cheese business showed strong growth, with revenue expected to increase by over 15% year-on-year in Q1 2025, driven by the dual-brand synergy with Mengniu [7] - The company's gross margin improved by 2.8 percentage points to 31.5% due to a better product mix and cost control measures [7] - The forecast for 2025-2027 revenue has been adjusted to 5.3 billion, 6.1 billion, and 7.0 billion yuan respectively, with corresponding net profit estimates raised to 260 million, 400 million, and 560 million yuan [7] Financial Summary - For 2023, total revenue is projected at 5.32 billion yuan, with a year-on-year growth of 10.2% [1] - The net profit for 2023 is estimated at 600.7 million yuan, reflecting a significant decline of 56.35% compared to the previous year [1] - The earnings per share (EPS) for 2025 is expected to be 0.50 yuan, with a price-to-earnings (P/E) ratio of 54.46 [1] - The company’s total assets are projected to reach 8.48 billion yuan by 2025, with a debt-to-asset ratio of 45.54% [6][8]