乳制品年报|上市乳品企业销售费用率整体提升 庄园牧场、阳光乳业、均瑶健康逆势提高销售费用

Core Insights - The dairy industry is experiencing a significant downturn, with 19 listed dairy companies in A-shares reporting a total revenue of 184.83 billion yuan in 2023, a year-on-year decrease of 7.44% [1] - The total net profit attributable to shareholders dropped from 13.10 billion yuan to 9.58 billion yuan, with 13 companies reporting a decline in net profit [1] - Key factors affecting the industry include oversupply, weakened demand, and high inventory levels, leading to a continuous decline in fresh milk prices and intensified competition [1] Revenue and Profit Trends - In 2023, 14 out of 19 dairy companies saw a decline in revenue, compared to only 6 the previous year [1] - The dairy industry index has fallen over 50% from its peak in January 2021 to its low in September 2024, although a noticeable increase has been observed since September 2024 [1] - The expectation is that upstream destocking will help stabilize fresh milk prices, alongside policies aimed at boosting demand [1] Sales and Management Expenses - Total sales expenses for the 19 listed dairy companies amounted to 31.55 billion yuan, a decrease of 2.96% year-on-year, which is less than the revenue decline [2] - The median sales expense ratio increased from 11.49% to 13.05%, with only 6 companies reporting a decrease in their sales expense ratios [2] - Companies like Beiyinmei had the highest sales expense ratio at 26.42%, followed by Miaokelando at 19.03% and Yili at 18.99% [2] Management Expenses - Total management expenses for the 19 listed dairy companies were 7.58 billion yuan, a year-on-year decrease of 9.06% [3] - Eight companies reported an increase in management expenses, with Miaokelando showing the highest growth at 81.43% [3] - The median management expense ratio rose from 5.82% to 6.55%, indicating that 11 companies experienced an increase in their management expense ratios [3]