Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34] Core Views - In March, retail sales showed a month-on-month recovery, increasing consumer demand focus. The retail sales growth rate in March was 5.9% year-on-year, up 1.9 percentage points from January-February, indicating a sustained recovery in consumption driven by previous policy stimuli. Looking ahead, the importance of domestic demand is expected to rise amid external demand disturbances, with consumption policies likely to be further enhanced to boost demand recovery [5][6] - The food and beverage index increased by 1.47% this week, with notable stock performances from Anji Food (+50.00%), Gui Faxiang (+14.58%), and Zuming Shares (+12.00%). The report emphasizes the resilience of essential consumer goods, predicting a sustained increase in attention towards these products due to improving consumer confidence and income [5][11] Summary by Sections Alcohol Industry - The high-end liquor segment remains strong, with recommendations for Kweichow Moutai, Wuliangye, and Luzhou Laojiao. The next tier of liquor, represented by Shanxi Fenjiu, is also recommended as it continues to expand nationally. For real estate liquor, companies like Yingjia Gongjiu and Jiansiyuan are highlighted [5][6] - Kweichow Moutai is projected to achieve a revenue of 170.6 billion yuan in 2024, a year-on-year increase of 15.9%. The company aims for a revenue growth of around 9% in 2025 [6][33] - Wuliangye's revenue for Q3 2024 is expected to be 173 billion yuan, with a net profit of 59 billion yuan, reflecting a stable shareholder return strategy [6][33] Food Industry - The food index saw a rise of 1.47% this week, with significant gains in essential consumer goods. The report suggests that the demand for essential goods will continue to grow, supported by policies aimed at boosting consumption and improving household income [5][11] - Anji Food reported a revenue of 110.77 billion yuan for Q1-Q3 2024, with a year-on-year growth of 7.84%. The company is positioned well in the frozen food market, despite facing some pressure from the macroeconomic environment [8][33] - Dongpeng Beverage's revenue for Q1-Q3 2024 reached 125.58 billion yuan, a 45.34% increase year-on-year, indicating strong growth in the functional beverage sector [8][33] Key Company Announcements - Kweichow Moutai is recruiting operators for its products on major platforms, aiming to expand its market presence [16] - Jinhuijiu reported a revenue of 11.1 billion yuan for Q1 2025, a year-on-year increase of 3.0% [17]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.91 CNY, reflecting a potential upside from the current price of 28.39 CNY [4][7]. Core Views - The company is expected to benefit from the integration of Mengniu's cheese business, leveraging its ecological channels for accelerated growth. Long-term growth potential is viewed positively [4][12]. - The company’s revenue and gross margin forecasts for 2025 have been adjusted downwards, but the long-term growth outlook remains optimistic due to the synergies from the Mengniu integration [4][12]. Financial Summary - **Revenue Forecasts**: The company is projected to achieve revenues of 5,444 million CNY in 2025, with a growth rate of 12.4%, followed by 6,103 million CNY in 2026 and 6,824 million CNY in 2027 [6]. - **Profitability**: The net profit attributable to the parent company is expected to reach 240 million CNY in 2025, with a significant growth of 111.1% year-on-year, and further increase to 327 million CNY in 2026 and 429 million CNY in 2027 [6][11]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 0.47 CNY in 2025, 0.64 CNY in 2026, and 0.84 CNY in 2027, indicating a strong growth trajectory [6][12]. - **Gross Margin**: The gross margin is expected to improve to 29.3% in 2025, 29.6% in 2026, and 30.1% in 2027, reflecting enhanced profitability [6][11]. - **Market Performance**: The company has shown strong absolute performance over various time frames, including a 140.8% increase over the past year [8]. Business Strategy - The company is focusing on deepening the integration of Mengniu resources and enhancing its product offerings, particularly in the cheese segment. It aims to strengthen its position in both the children's cheese market and the adult snack segment [11][12]. - The company plans to expand its distribution channels, including supermarkets, mother-and-baby stores, and e-commerce platforms, while exploring opportunities in Southeast Asia [11]. Valuation Metrics - The company's equity value is estimated at 148 billion CNY, with a calculated WACC of 9.07% [12][13]. - The report includes a sensitivity analysis for the target price based on varying perpetual growth rates, indicating a robust valuation framework [14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.91 CNY, reflecting a potential upside from the current price of 28.39 CNY [4][7]. Core Views - The company is expected to benefit from the integration of Mengniu's cheese business, leveraging its distribution channels for accelerated growth. Long-term growth potential is viewed positively [4][12]. - The forecast for earnings per share (EPS) for 2025-2027 is adjusted to 0.47, 0.64, and 0.84 CNY, respectively, with a slight downward revision for 2025 from the previous estimate of 0.48 CNY [4][12]. Financial Performance Summary - **Revenue**: The company reported a revenue of 5,322 million CNY in 2023, with a projected decline to 4,844 million CNY in 2024, followed by a recovery to 5,444 million CNY in 2025, representing a growth rate of 12.4% [6][11]. - **Net Profit**: The net profit attributable to the parent company is expected to rise from 60 million CNY in 2023 to 240 million CNY in 2025, reflecting a significant growth of 111.1% [6][11]. - **Gross Margin**: The gross margin is projected to improve from 23.9% in 2023 to 29.3% in 2025, indicating enhanced profitability [6][11]. - **Market Position**: The company has expanded its distribution network significantly, increasing the number of distributors to 7,797 by the end of Q4 2024, following the integration of Mengniu's cheese assets [11]. Valuation Metrics - The company's equity value is estimated at 148 billion CNY, with a calculated WACC of 9.07% [12][13]. - The price-to-earnings (P/E) ratio is projected to decrease from 243.7 in 2023 to 61.0 in 2025, indicating an improving valuation as earnings grow [6][11].

关于使用部分暂时闲置募集资金进行现金管理的进展公告 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： 一、 本次现金管理概况 证券代码：600882 证券简称：妙可蓝多 公告编号：2025-038 上海妙可蓝多食品科技股份有限公司 投资种类：银行理财产品 投资金额：2,100 万元 履行的审议程序：上海妙可蓝多食品科技股份有限公司（以下简称"公司"、 "妙可蓝多"）于 2024 年 11 月 18 日召开第十二届董事会第一次会议和第十 二届监事会第一次会议，审议通过《关于使用暂时闲置自有资金及募集资金 进行现金管理的议案》，公司监事会、保荐机构分别对相关事项发表了同意的 意见，本事项无需提交股东大会审议。 特别风险提示：公司本次购买的理财产品为保本浮动收益型，产品安全性高、 流动性好、满足保本要求，但不排除该项投资收益情况受到政策风险、市场 风险、流动性风险等风险的影响。 情况如下： （一）现金管理目的 为提高募集资金使用效率，合理利用暂时闲置募集资金，在确保不影响正常 经营、不影响募集资金投资项目建设和募集资金 ...

尊敬的各位投资者大家好我们又再次在线上相见欢迎参加妙克兰多2024年度业绩说明会我是分管投资者关系与战略投资的副总裁吴仲恬下面由我代表公司向各位简要介绍公司在2024年全年的经营情况那么首先还是我们的免责声明本次的演示材料不构成公司对投资者的执政性承诺 请投资者注意投资风险本次交流还是分为四个部分第一是2024年度经营业绩的回顾第二是2024年经营资本解读第三是经营展望最后是投资者问答环节首先我们看到2024年度的经营业绩的回顾首先我们从行业发展趋势来看 那么从这个乳制品消费阶段来看就是贺奶和赤奶这个并行的消费趋势并没有改变液态乳制品向固态乳制品发展的趋势也没有改变奶酪又是固态乳制品发展的之一那么其次行业政策上从去年的中央一号文件到今年的一号文件都反复提出要支持发展多元的干乳制品让奶酪等干乳制品成为消费者的新的选择 最后从奶酪的消费趋势来看奶酪营养健康的功能属性和富含情绪价值的体验越来越获得消费者的喜爱在智能渠道和平台上知识口味基本上能入选必买的情感成为年轻人社交中的这个准刚需的美食的属性首先我们看2024年年度的基因表现 那么公司在紧密关注市场变化情况把握住了市场的机遇调整了经营策略而部署了一些经营举措实现 ...

证券代码：600882 证券简称：妙可蓝多 公告编号：2025-037 上海妙可蓝多食品科技股份有限公司 关于为全资子公司提供担保的进展公告 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： 被担保人：海南新芝仕食品科技有限公司（以下简称"海南新芝仕""债 务人"），为上海妙可蓝多食品科技股份有限公司（以下简称"公司"）全资子 公司。 本次担保金额及已实际为其提供的担保余额：公司本次为海南新芝仕提 供担保的最高债务本金金额为人民币 5,000 万元，截至本公告披露日，公司为海 南新芝仕已实际提供的担保余额为人民币 35,428.74 万元（不含本次）。 特别风险提示：本次担保事项的被担保人海南新芝仕为公司全资子公司， 其资产负债率超过 70%，敬请各位投资者关注风险。 一、担保情况概述 公司分别于2024年12月13日召开第十二届董事会第二次会议、第十二届监事 会第二次会议及2024年12月30日召开2024年第四次临时股东大会，审议通过《关 于2025年度融资及担保额度预计的议案》，自2025年1月1日至202 ...

资金流向方面，今日主力资金净流入5687.48万元，占比成交额7.84%。其中，超大单净流入2402.74万 元、占成交额3.31%，大单净流入3284.74万元、占成交额4.53%，中单净流出流出1211.59万元、占成交 额1.67%，小单净流出4475.89万元、占成交额6.17%。 金融界消息 截至2025年4月14日收盘，妙可蓝多（600882）报收于27.99元，上涨8.49%，换手率 5.32%，成交量27.22万手，成交金额7.26亿元。 来源：金融界 妙可蓝多最新一期业绩显示，截至2024年报，公司营业总收入48.44亿元、同比减少8.99%，归属净利润 1.14亿元，同比增长89.16%，扣非净利润4691.93万元，同比增长554.27%，流动比率1.691、速动比率 1.424、资产负债率42.89%。 天眼查商业履历信息显示，上海妙可蓝多食品科技股份有限公司，成立于1988年，位于上海市，是一家 以从事食品制造业为主的企业。企业注册资本51379.1647万人民币，实缴资本51379.1647万人民币。公 司法定代表人为柴琇。 通过天眼查大数据分析，上海妙可蓝多食品科技股份有限公司共 ...

市场数据(2025-04-09) | 收盘价(元) | 26.71 | | --- | --- | | 一年内最高/最低(元) | 26.71/11.78 | | 沪深 300 指数 | 3,686.79 | | 市净率(倍) | 3.10 | | 流通市值(亿元) | 136.77 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.61 | | 每股经营现金流(元) | 1.04 | | 毛利率(%) | 28.29 | | 净资产收益率_摊薄(%) | 2.58 | | 资产负债率(%) | 42.89 | | 总股本/流通股(万股) | 51,205.36/51,205.36 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -13% 3% 18% 34% 50% 66% 81% 97% 2024.04 2024.08 2024.12 2025.04 妙可蓝多 沪深300 联系人：李智 | | | 食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.co ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [13]. Core Views - In 2024, the company's cheese business revenue grew, with cheese revenue reaching 3.757 billion yuan, a year-on-year increase of 6.92%. Cheese accounted for 80.12% of total revenue, up 5.62 percentage points year-on-year [8]. - The gross margin for the cheese business declined to 35.04%, down 0.39 percentage points year-on-year, primarily due to the increased revenue share from the lower-margin catering segment [8]. - The ready-to-eat nutrition segment saw revenue growth of 3.17% to 2.05 billion yuan, but its gross margin decreased by 2.45 percentage points to 46.97% due to slowing sales growth [8]. - The company is expected to achieve earnings per share of 0.42 yuan, 0.58 yuan, and 0.74 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 63.75, 46.03, and 35.95 [8]. Summary by Sections Financial Performance - In 2024, the company's total revenue was 4.844 billion yuan, a decrease of 8.99% year-on-year. The revenue growth rate is projected to rebound to 12.60% in 2025 and 12.30% in 2026 [9]. - The net profit for 2024 was 114 million yuan, with a significant increase projected to 215 million yuan in 2025, representing an 88.82% growth [9]. - The company’s gross margin for 2024 was 28.29%, with a net asset return of 2.58% [8]. Market Position - The company has expanded its presence in the catering supply sector, which is expected to enhance its business prospects and stabilize revenue growth [8]. - The stock's closing price on April 9, 2025, was 26.71 yuan, with a market capitalization of 13.677 billion yuan [8].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600882 证券简称：妙可蓝多 公告编号：2025-036 上海妙可蓝多食品科技股份有限公司 关于2025年员工持股计划非交易过户完成的公告 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。 上海妙可蓝多食品科技股份有限公司（以下简称"公司"）于2025年3月5日召开第十二届董事会第五次会 议和第十二届监事会第三次会议，于2025年3月21日召开2025年第一次临时股东大会，审议通过《关于 〈上海妙可蓝多食品科技股份有限公司2025年员工持股计划（草案）〉及其摘要的议案》等相关议案， 决定实施2025年员工持股计划（以下简称"本持股计划"），具体内容详见公司于2025年3月6日和2025年 3月22日披露的相关公告。 根据中国证券监督管理委员会《关于上市公司实施员工持股计划试点的指导意见》及《上海证券交易所 上市公司自律监管指引第1号一一规范运作》等相关规定，现将公司2025年员工持股计划实施进展情况 公告如下： 根据实际认购和最终缴款的审验结果，本持股计划最终实际参 ...