研报掘金丨方正证券：予妙可蓝多“推荐”评级，国际化或将开启新征程

Core Viewpoint - The collaboration between Miaokelan Duo and Saudi leading dairy company SADAFCO is expected to open a new chapter in internationalization for the company, focusing on cheese market opportunities in Saudi Arabia [1] Group 1: Collaboration and Market Expansion - The memorandum of cooperation signed on February 8, 2026, aims to jointly explore cheese business opportunities in the Saudi market [1] - This collaboration aligns with the company's strategic direction of "focusing on core business" and "mergers and acquisitions abroad" [1] - Successful implementation of this memorandum is anticipated to enhance the company's competitive advantage in the industry and facilitate overseas market expansion [1] Group 2: Financial Impact and Ratings - The project is expected to have a positive impact on the company's future operational development [1] - Recent impairment provisions and changes in core management have been fully accounted for, indicating that negative factors have been addressed [1] - The current price-to-earnings ratios are 111, 36, and 25 times, leading to a "recommended" rating for the company [1]