证券研究报告 2025 年 11 月 28 日 湘财证券研究所 公司研究 妙可蓝多（600882.SH） 品牌破圈，国产替代加速 核心要点： 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 2015 年公司全面转型升级，将业务重心聚焦于奶酪领域确立"聚焦奶 酪"发展战略，收购天津妙可蓝多公司和达能乳业上海工厂。2021 年之后 与蒙牛订立股份认购协议，通过整合打通产业链上下游、双品牌运作，协 同效应显现。2021 年之后，妙可蓝多奶酪市占率稳居市场第一。根据妙可 蓝多 2023 年年报数据，在 2023 年中国奶酪品牌销售额中，妙可蓝多奶酪 市场占有率超过 35%，奶酪棒市场占有率更超过 40%，公司稳居行业第一 并持续扩大领先优势。 ❑ 品牌破圈，成人+B 端市场放量打开增长空间 ❑ 携手蒙牛，龙头地位再夯实 近十二个月公司表现 % 1 个 月 3 个月 12 个月 相对收益 11.5 -26.4 66.4 绝对收益 9.2 -12.4 99.2 注：相对收益与沪深 300 相比 公 ...

Core Viewpoint - The company Miaokelando (妙可蓝多) achieved a remarkable 115% year-on-year growth in net profit for the first quarter, marking a significant turnaround compared to previous years where profit growth was sluggish despite revenue increases [1][4]. Financial Performance - In the first quarter, Miaokelando reported revenue of approximately 1.233 billion yuan, a year-on-year increase of over 6%, with its core cheese business revenue growing by more than 17% [4]. - The net profit growth significantly outpaced revenue growth, indicating a clear trend of internal growth and improved profitability [4]. Industry Challenges - The dairy industry is facing challenges, particularly in liquid milk sales, which have seen a decline. Major companies like Yili, Mengniu, and Guangming reported year-on-year revenue drops of 12%, 11%, and 9% respectively in their liquid milk segments [5]. - The overall sales of dairy products in China decreased by 2.3% in 2024, with liquid milk sales down by 3.7% [5]. Strategic Initiatives - Miaokelando's growth strategy includes product innovation, expanding consumption scenarios, and cost control [8]. - The company has accelerated the launch of new products, including various cheese formats, to maintain its position in the children's snack market while also targeting adult snacks and family dining [8][9]. - The company is expanding its partnerships with restaurants and beverage brands to incorporate cheese into their offerings, thereby increasing market penetration [9]. Cost Management - Cost control is a key focus for Miaokelando, with efforts to find domestic milk source alternatives to reduce costs. This strategy has been in place for over a year and has shown positive results [10]. - The company aims to create "super products" to streamline operations and reduce costs through economies of scale, focusing on fewer but more impactful product lines [10][11]. Value Chain Development - Miaokelando is working on enhancing its entire value chain, including the utilization of by-products like whey to create high-value products, which can significantly lower production costs [11]. - The company is positioning itself to tap into the growing market for sports nutrition and other high-value dairy products, which are currently dominated by imports [11].