西南证券给予承德露露“买入”评级，2025年三季报点评：费用投放持续，期待新品成效

Core Viewpoint - Southwest Securities has given a "Buy" rating to Chengde Lolo (000848.SZ) based on its stable main business in almond milk, significant cost advantages, and effective stock incentives for new product launches [1][2]. Group 1: Business Performance - The main business of almond milk is stable, and the layout of new products opens up growth opportunities [1]. - Significant cost advantages are being released, leading to a steady improvement in profitability [1]. Group 2: Strategic Initiatives - Stock incentive plans are in place, and there is an active layout for new products [1].