妙可蓝多（600882）：品牌破圈，国产替代加速

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has solidified its leading position in the cheese market through collaboration with Mengniu, enhancing its competitive edge [2][17] - The company is expanding its brand reach by targeting both adult and B-end markets, creating new growth opportunities [4][21] - The domestic cheese market is in a growth phase with accelerating domestic substitution, indicating significant market potential [5][69] Summary by Sections Company Overview - The company transitioned to focus on cheese in 2015, acquiring Tianjin Miaokelando and Danone's Shanghai factory, and has since established a strong market presence [3][16] - As of 2023, the company holds over 35% market share in the cheese segment, maintaining its position as the industry leader [3][75] Product Strategy - The company has developed a product matrix consisting of ready-to-eat nutrition, family dining, and food service, with nearly 100 SKUs [4][20] - New products targeting the youth and adult markets, such as "Growth Yogurt" and "Beef + Reconstituted Cheese," are set to launch, expanding the brand's audience [4][21] Financial Performance - The company is projected to achieve revenues of CNY 54.35 billion, CNY 61.93 billion, and CNY 71.00 billion from 2025 to 2027, with year-on-year growth rates of 12.22%, 13.94%, and 14.64% respectively [6][82] - Net profit is expected to reach CNY 2.41 billion, CNY 3.57 billion, and CNY 4.71 billion during the same period, with significant growth rates [6][82] Industry Analysis - The cheese market in China is expected to grow at a compound annual growth rate (CAGR) of 14.5% from 2022 to 2026, with a current retail scale of CNY 143 billion [5][57] - China's cheese consumption per capita is significantly lower than the global average, indicating substantial room for growth [5][62] Competitive Landscape - The industry is characterized by high concentration, with the top three brands holding 53.2% of the market share, and the company is well-positioned to benefit from ongoing domestic substitution trends [5][71]