研报掘金丨华鑫证券：妙可蓝多盈利能力持续优化，维持“买入”评级

Core Viewpoint - Miaokelando's net profit attributable to shareholders for Q1-Q3 2025 reached 176 million yuan, representing a year-on-year increase of 107%, with Q3 net profit alone soaring to 43 million yuan, a staggering increase of 420% [1] Financial Performance - The significant profit increase is attributed to a decline in raw material costs and product structure optimization, which enhanced gross margins [1] - Government subsidies, investment income, and net other income also contributed to the year-on-year growth [1] Product Strategy - The company has developed a differentiated product matrix targeting various consumer groups, including growth cups for children, cheese small particles for young consumers, cheese triangles, and ginseng yogurt for the elderly [1] - This diverse product offering is expected to meet the consumption needs of different demographics and potentially lead to significant scale contributions in the future [1] Market Position and Outlook - The company is viewed positively as a leading player in the cheese sector, with plans to expand its ambient cheese stick product line to tap into new market opportunities [1] - The synergy between BC channels is expected to solidify the company's market share, alongside stringent cost control measures that will continue to optimize profitability [1] - The investment rating is maintained at "Buy" [1]