乳制品年报| 9家公司应收账款在增长 妙可蓝多、庄园牧场营收下滑同时存货增长

Core Viewpoint - The dairy industry is experiencing a significant downturn in 2024, with a notable decline in revenue and net profit among major companies, attributed to oversupply, weakened demand, and high inventory levels [1] Group 1: Industry Performance - In 2023, 19 dairy companies in A-shares reported total revenue of 184.83 billion yuan, a year-on-year decrease of 7.44% [1] - The total net profit attributable to shareholders fell from 13.10 billion yuan to 9.58 billion yuan, with 13 companies reporting a decline in net profit [1] - The dairy industry index has dropped over 50% from its peak in January 2021 to its low in September 2024, although a recent uptick in the index suggests potential recovery [1] Group 2: Company-Specific Challenges - Knight Dairy and Western Pastoral both reported continuous cash collection ratios below 100%, indicating weaker sales collection capabilities [1] - Knight Dairy's performance was adversely affected by falling fresh milk prices, rising sugar costs, and significant losses in futures trading, leading to increased accounts receivable and inventory [2] - Despite having cash collection ratios above 100%, companies like Huangshi Group and Junyao Health experienced significant year-on-year declines in performance [3] Group 3: Accounts Receivable and Inventory Trends - The total accounts receivable for 19 dairy companies was 8.65 billion yuan, a decrease of 4.55% year-on-year, with 9 companies reporting an increase in accounts receivable [4] - Notable companies with rising accounts receivable include Huirong Technology, Knight Dairy, and Yiming Foods [4] - The total inventory for these companies was 19.07 billion yuan, down 11% year-on-year, but 9 companies saw an increase in inventory, including Junyao Health and Knight Dairy [4] Group 4: Specific Company Insights - Miao Ke Blue and Zhuangyuan Pastoral faced revenue declines alongside rising inventory levels, with Miao Ke Blue's accounts receivable increasing by 20% [5] - Miao Ke Blue's rapid expansion since 2020 has led to increased competition and a price war, necessitating time to digest the consequences of previous overproduction [5]