证券代码：600882 证券简称：妙可蓝多 公告编号：2024-022 上海妙可蓝多食品科技股份有限公司 股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购股份数量（万股） | 注销股份数量（万股） | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 24.00 | 24.00 | 2024 年 | 4 | 月 | 1 日 | 一、本次限制性股票回购注销的决策与信息披露 2024 年 1 月 4 日，公司召开第十一届董事会第二十四次会议和第十一届监 事会第二十三次会议，审议通过《关于回购注销部分限制性股票和注销部分股票 期权的议案》，根据公司 2020 年第五次临时股东大会的授权，相关事项无需再提 交股东大会审议。鉴于公司 2020 年股票期权与限制性股票激励计划中，1 名获 授限制性股票的激励对象离职，公司决定对其已获授但尚未解除限售的共 24.00 万股限制性股票进行回购并注销。有关本事项的具体内容详见公司于 ...

上海市锦天城律师事务所 关于上海妙可蓝多食品科技股份有限公司 股权激励限制性股票回购注销实施事项之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海妙可蓝多食品科技股份有限公司 股权激励限制性股票回购注销实施事项之 法律意见书 致：上海妙可蓝多食品科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海妙可蓝多食品科技 股份有限公司（以下简称"公司"或"妙可蓝多"）的委托，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、中国证券监督管理委员会（以下简称"中国证监会"） 《上市公司股权激励管理办法》（以下简称"《管理办法》"）等法律、行政法 规、部门规章及其他规范性文件和《上海妙可蓝多食品科技股份有限公司章程》 （以下简称"《公司章程》"）、《上海妙可蓝多食品科技股份有限公司 2020 年股票期权与限制性股票激励计划（修订稿）》（以下简称"《激励计划 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [10][17]. Core Insights - The company reported a revenue of 4.05 billion yuan in 2023, a year-on-year decrease of 16.16%, and a net profit attributable to the parent company of 0.63 billion yuan, down 53.90% year-on-year [7][10]. - In Q4 2023, the company achieved a revenue of 0.974 billion yuan, a slight year-on-year decrease of 2.65%, but a significant increase in net profit attributable to the parent company of 0.30 billion yuan, up 588.4% year-on-year [2][7]. - The company is focusing on product innovation and channel optimization to explore new growth points, expecting a gradual recovery in performance as raw material pressures ease [17]. Financial Performance Summary - The company's revenue for 2023 was 4,049.03 million yuan, with a projected revenue of 4,618.32 million yuan for 2024, indicating a growth rate of 14.06% [3][20]. - The net profit attributable to the parent company for 2023 was 63.44 million yuan, with projections of 169.26 million yuan for 2024, reflecting a growth rate of 166.81% [3][20]. - The company's EBITDA for 2023 was 243.42 million yuan, with expectations to rise to 416.23 million yuan in 2024 [3][20]. Market Position and Strategy - The company remains a leader in the cheese market, with a market share increase despite a revenue decline in its ready-to-eat nutrition series, which saw a revenue drop of 23.93% [8]. - The company is implementing four core strategies: product leadership, brand positioning, channel refinement, and management upgrades to navigate the challenging market environment [8][17].

免责声明 民生证券研究院： 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 3 [盈利预测与财务指标 Table_Forcast] [Table_Author] 分析师 王言海 相关研究 公司财务报表数据预测汇总 ➢ 事件：公司 3 月 26 日发布 2023 年年报，受市场变化影响，2023 年全年实 现营业收入 40.49 亿元，同比-16.2%；受原材料市场行情变动及汇率波动等影 响，归母净利润 6344 万元，同比-53.9%；扣非归母净利润 717 万元，同比89.6%，利润高于此前业绩预告中枢。其中，单 23Q4 实现营业收入 9.7 亿元， 同比-2.7%；归母净利润及扣非净利润分别 2956/908 万元，同比扭亏为盈。 ➢ C 端下滑 B 端降速，Q4 推出芝士零食系列新品以焕新产品线。分业务看， 公司奶酪/贸易/液态奶分别实现营收 31.37/5.67/3.33 亿元，同比-18.9%/- 5.4%/-4.3%；奶酪板块 23 年双位数下滑，但下半年降幅较上半年有所收窄。受 规模效应削弱叠加原材料市场行情与汇率波动的双重影响，主要原材料成本较上 年同期上升，导致公 ...

上海妙可蓝多食品科技股份有限公司 2023 年年度业绩说明会会议记录 董事会秘书：谢毅 四、本次业绩说明会投资者提出的主要问题及公司答复 问题：请问公司目前主营业务是什么？ 回复：尊敬的投资者，公司主营业务为以奶酪为核心的特色乳制品的研发、 生产和销售，其中奶酪产品可以进一步细分为即食营养系列、家庭餐桌系列和 一、会议时间：2024 年 3 月 26 日下午 15:00-16:00 二、会议地点：上证路演中心（网址：http://roadshow.sseinfo.com/） 三、公司出席人员： 副董事长、总经理：柴琇 董事、财务总监：蒯玉龙 独立董事：韦波 餐饮工业系列。同时公司也从事液态奶的研发、生产和销售，以及乳制品贸易 业务。公司将坚定推行"聚焦奶酪"战略，集中资源发展更具成长前景的奶酪 产品业务，感谢关注！ 问题：柴总，对于证监会的新规，不分红可能面临戴帽，贵公司有什么 预 案，是否有可能进行回归注销，这也是证监会鼓励与分红等效的措施。 回复：尊敬的投资者，因公司合并报表和母公司报表未分配利润均为负数， 公司尚不满足现金分红条件。公司已于 2022 年 9 月完成回购公司股份 1,000 万 股，占公 ...

Financial Performance - The net profit for the year was approximately 79.76 million, a decrease of 54% compared to 173.22 million from the previous year[14]. - The operating profit was reported at approximately 441.93 million, a significant recovery from a loss of 885.74 thousand in the previous year[14]. - The company reported an investment income of approximately 52.50 million, down from 59.05 million, indicating a decline of about 8.5%[14]. - The comprehensive income for the period shows a total loss of 71,385,878.46 RMB, reflecting a significant decline in profitability[25]. - The company reported a decrease in capital contributions amounting to 58,659,000.00 RMB, indicating reduced owner investments[25]. - The total profit distribution to owners or shareholders is recorded at -39,344,705.00 RMB, reflecting a reduction in dividends or distributions[25]. - The company achieved an annual revenue of 404,903.37 million RMB, representing a year-on-year decline of 16.16%[124]. - The net profit attributable to shareholders was 6,343.95 million RMB, down 53.90% compared to the previous year[124]. Assets and Liabilities - Total assets decreased from 7,442,886,257.24 to 6,832,507,412.83, a decline of approximately 8.2% year-over-year[9]. - Total liabilities decreased slightly from 2,560,269,103.49 to 2,529,963,685.80, a decrease of about 1.2%[10]. - The company reported a total current asset decrease from 4,379,133,030.89 to 3,708,329,974.67, a decline of about 15.3%[9]. - The total owner's equity at the end of the period is 3,713,996,143.58 RMB, with a decrease of 1,098,059,059.02 RMB compared to the previous period[26]. - The total amount of other comprehensive income is recorded at -154,002,336.80 RMB, contributing to the overall decline in equity[25]. Cash Flow - The net cash flow from operating activities improved significantly to approximately ¥279.15 million, compared to a negative cash flow of ¥204.84 million in the previous year[149]. - The net cash flow from investment activities was approximately ¥1.37 billion in 2023, compared to a negative cash flow of ¥1.60 billion in 2022[191]. Market and Revenue Trends - The cheese segment achieved revenue of 313,712.00 million CNY, a decrease of 18.91% compared to the previous year, with a gross profit margin of 98.68%, an increase of 2.74 percentage points year-on-year[68]. - Liquid milk business revenue was 33,380.71 million CNY, down 4.32% year-on-year, accounting for 8.27% of total revenue[69]. - The ready-to-eat nutrition series generated revenue of 190,162.28 million CNY, a decline of 23.93%, while the restaurant industrial series saw a 7.61% increase in revenue to 88,799.66 million CNY[77]. - The company experienced a decrease in revenue from home dining series products, which fell by 36.10% year-on-year to 34,750.07 million CNY[77]. - The revenue from cheese products amounted to approximately ¥3.14 billion, representing a decline of 18.91% compared to the previous year[152]. Strategic Initiatives - The company has plans for market expansion and new product development, although specific details were not disclosed in the call[14]. - The company aims to expand its cheese product matrix to meet consumer demand and enhance its market position[72]. - The company is focusing on enhancing its research and development capabilities to maintain its competitive edge in the dairy product sector[148]. - The company is actively pursuing market expansion and product innovation to adapt to changing consumer preferences and industry trends[145]. - The company has established a global procurement network covering Europe, America, and Oceania, enhancing its ability to manage raw material supply and price stability[123]. Operational Efficiency - The company has successfully implemented the SAP-PECDC system across various business modules, enhancing operational efficiency and real-time inventory management[112]. - The company has achieved significant improvements in its S&OP system, ensuring fresh product supply and enhancing operational efficiency[113]. - The company is committed to improving operational efficiency through the "Smart Miao Ke" initiative and enhancing its quality management system[137]. Product Development and Quality - The company emphasizes product quality and safety, implementing comprehensive quality management across the entire supply chain to ensure nutritious and delicious cheese products[32]. - The company has launched a quality management system, achieving certifications such as ISO 9001 and FSSC 22000 across all five factories, ensuring high product quality standards[113]. - The company launched new organic cheese products with ≥66% cheese content and 9.0g/100g high-quality milk protein, catering to diverse consumer needs[125]. Distribution and Marketing - The company has established a distribution network covering approximately 800,000 retail terminals with 5,036 distributors as of December 31, 2023[109]. - The company has expanded its e-commerce presence, strengthening its sales on platforms like Tmall, JD.com, and Pinduoduo[172]. - The company focuses on digital marketing strategies, utilizing platforms like WeChat and Douyin to enhance brand recognition and consumer engagement[104]. Challenges and Risks - The company’s main raw material costs increased compared to the previous year, impacting the gross profit margin of the cheese segment[68]. - The company’s reliance on a single customer or supplier did not exceed 50% of total sales or purchases, indicating a diversified customer and supplier base[187].

平安证券研究所 电话:4008866338 公 司 年 报 点 评 妙可蓝多(600882.SH) 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 证券分析师 事项： 平安观点： 成本和汇率扰动，利润端承压。 公司2023全年实现毛利率29.14%，同 比下降4.95pct，主要原因是在公司业务收入下降的同时，主要原材料成 本同比上升，加上人民币汇率波动，导致毛利率同比下降。2023全年公 司销售/管理/财务费用率分别为23.18%/3.66%/0.63%，较同期下降2.06/ 下降1.38/上升1.05pct。受锁汇收益减少以及利息净支出增加的影响， 23H1实现净利率1.97%，同比下降1.57pct。面对市场变化，公司积极调 整经营策略，部署一系列举措，以多种方式积极应对市场变化。根据凯 度消费者指数家庭样组，公司奶酪市场占有率进一步提升，稳居行业第 妙可蓝多 公司年报点评 公 司 报 告 | --- | --- | |------------------------|------------------------------------ ...

2024 年 3 月 25 日 市场数据 公司研究 ——妙可蓝多（600882.SH）2023 年年报点评 作者 总股本(亿股) 5.14 总市值(亿元)： 68.07 一年最低/最高(元)： 11.00/30.06 近 3 月换手率： 70.51% 股价相对走势 相关研报 事件：妙可蓝多发布 2023 年年报。23 年实现营业收入 40.5 亿元，同比-16.2%； 归母净利润 0.6 亿元，同比-53.1%；扣非归母净利润 0.1 亿元，同比-89.3%。其中， 23Q4 实现营业收入 9.7 亿元，同比-2.6%；归母净利润 0.3 亿元，同比扭亏为盈； 扣非归母净利润 0.1 亿元，同比扭亏为盈。 要点 2）分地区看，2023 年公司在北区/中区/南区的营收同比-23.79%/-9.59% /-11.73%。 渠道建设方面，截至 2023 年末，公司共有经销商 5036 家，覆盖零售销售终端 80 万个；其中 23Q4 经销商数较 23Q3 末净增加 182 家。 大股东持续增持，奶酪资产注入在即。 风险提示：产能释放不及预期；新品增长低于预期；原材料价格上涨；食品安全。 妙可蓝多（600882.SH ...

报 司 券 研 2024 年 03 月 26 日 公 究 究 ▌ 盈利预测 ▌ 风险提示 | --- | --- | --- | --- | --- | |----------------------|-------------------------|-------|-------|-------| | 预测指标 | 2023A 2024E 2025E 2026E | | | | | 主营收入（百万元） | 4,049 | 4,804 | 5,611 | 6,408 | | 增长率（%） | -16.2% | 18.7% | 16.8% | 14.2% | | 归母净利润（百万元） | 63 | 125 | 186 | 259 | | 增长率（%） | -53.1% | 97.6% | 48.6% | 39.2% | | 摊薄每股收益（元） | 0.12 | 0.24 | 0.36 | 0.50 | | ROE（% ） | 1.5% | 2.8% | 4.0% | 5.3% | 诚信、专业、稳健、高效 | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 研究团队简介 张伟敬，武汉理工大学毕业，法学、经济学双学位，金融行业工作两年，随后进入白 酒行业十三年，先后在泸州老窖、杜康、舍得酒业从事一线销售工作，在高端酒、次 高端、中低端价位均有实际操盘经验，产业思维强，酒圈资源丰富，对白酒行业趋势 有独到理解，尤其擅长分析次高端酒企竞争格局。 娄青丰，硕士，毕业于中央财经大学，2 年食品饮料研究经验，2 年债券研究经验。覆 盖预加工食品（深度研究安井食品、千味央厨、立高食品）、调味品（深度研究安琪 酵母，熟悉海天味业、千禾味业、涪陵榨菜、天味食品、颐海国际）。 程丽丽，金融学硕士，毕业于厦门大学王亚南经济研究院，2 年食品饮料研究经验。主 要覆盖休闲食品（深度研究绝味食品、周黑鸭、煌上煌、洽洽食品、盐津铺子、甘源 食品、劲仔食品）、安徽区域白酒（熟悉古井贡酒、迎驾贡酒、金种子酒）。 王雪骄，康奈尔大学管理学硕士，华盛顿大学经济学+国际关系双学士，覆盖啤酒（深 度研究华润啤酒、青岛啤酒、重庆啤酒）、水、饮料（深度研究农夫山泉）行业。 分析师声明 免责声明 本报告是针对与信达证券签署服务 ...