点击注册小程序 查看完整报告 从渠道角度看，公司陆续进入新兴零售渠道，大力开发即时零售、零食量贩、会员店等渠道。新品如奶酪 小丸子在万辰渠道市场反馈较好，奶酪小三角在线上渠道销售较好，"牛肉+再制奶酪"草原风味零食也于 25年5月正式进驻山姆会员店。 事件： 公司发布2025年半年报预告，经追溯口径预计25H1实现归母净利润1.2-1.45亿元，同比增长68.1-103.1%； 预计实现扣非归母净利润0.9-1.15亿元，同比增长58.2%-102.2%。其中经追溯口径预计25Q2实现归母净利 润3760-6260万元，同比增长13.8%-89.5%；预计实现扣非归母净利润2506-5006万元，同比变化-3.6%至 +92.6%。 25Q2确认股权激励费用，不改利润高增趋势 公司于25年3月实施股权激励计划和员工持股计划，25Q2公司确认相关股份支付费用为1868.69万元，但 25H1公司归母净利润仍实现快速增长，主要系：1）公司主营业务奶酪产品营收同比上升；2）原材料采购 成本下降等因素导致毛利率同比上升；3）公司积极推进各项降本增效措施，销售费用率同比下降。 BC两端共同发力，巩固奶酪市场地位 对于奶 ...

2025 年 7 月 12 日 公司研究 奶酪消费趋势向好，25H1 归母净利实现高增 从市场地位看，以凯度消费者指数为例，2024 年妙可蓝多奶酪销售额市占率超 过 37%，25Q1 销售额市占率提升至 39%以上，稳居市场第一。 未来随着新品驱动和渠道扩张，公司 BC 两端有望共同发力支撑增长；经营恢复 下，公司利润弹性有望释放。 盈利预测、估值与评级：我们维持公司 2025-2027 年归母净利润预测分别为 2.16/3.24/4.57 亿元，折合 2025-2027 年 EPS 分别为 0.42/0.63/0.89 元，对应 PE 分别为 67x/45x/32x。公司 C 端奶酪龙头地位稳固，奶酪行业增长空间较大， 我们维持"增持"评级。 ——妙可蓝多（600882.SH）2025 年半年报预告点评 要点 事件：公司发布 2025 年半年报预告，经追溯口径预计 25H1 实现归母净利润 1.2-1.45 亿元，同比增长 68.1-103.1%；预计实现扣非归母净利润 0.9-1.15 亿元， 同比增长 58.2%-102.2%。其中经追溯口径预计 25Q2 实现归母净利润 3760-6260 万元，同 ...

线下合作山姆、盒马等高势能渠道，有望持续上新。今年5 月，公司上架了新品"牛肉+再制奶酪"，将 牛肉风干小香肠+超干牛肉+再制奶酪打包成为"内蒙草原风味小零食"；今年3 月，公司联合盒马推出鳕 鱼奶酪条，定位佐酒伴侣，抢占成人零食赛道。公司在山姆、盒马等线下新零售渠道推出特色新品，展 现公司在奶酪领域的产品力与品牌力，基于公司领先的产品研发能力，我们期待未来公司将更多新品打 入高势能渠道。 盈利预测及投资评级：我们预计公司2025-27 年实现营收56.36/65.49/76.08 亿元，同比增长 16.35%/16.21%/16.17%，实现归母净利润2.35/3.42/4.36 亿元，同比增长107.15%/45.47%/27.41%，对应 PE分别为68X/47X/37X，维持"推荐"评级。 风险提示：行业竞争加剧、与蒙牛奶酪业务整合不及预期、原材料价格大幅波动、产品推新效果不及预 期、食品安全问题等 25Q2 公司持续推新、拓宽渠道，C 端及B 端的产品均引领国内奶酪行业的发展，基于公司在产品、品 牌、渠道的核心竞争力，我们看好公司未来的持续成长，朝着百亿营收的目标坚实迈进。 聚集奶酪核心业务，C 端 ...

Core Viewpoint - Miaokelando (SH600882) achieved a remarkable 115% year-on-year growth in net profit attributable to shareholders in the first quarter, significantly outpacing revenue growth, indicating a strong internal growth trend despite industry challenges [1] Financial Performance - In the first quarter, Miaokelando reported revenue of approximately 1.233 billion yuan, a year-on-year increase of over 6%, with cheese business revenue growing by more than 17% [1] - The company's net profit growth rate reached a three-year high for the first quarter, contrasting with previous years where net profit growth was sluggish despite rising revenues [1] Industry Context - The domestic dairy market is facing challenges, with a 2.3% decline in overall dairy sales and a 3.7% drop in liquid milk sales in 2024 [2] - Major dairy companies like Yili, Mengniu, and Guangming reported significant declines in liquid milk revenue, with decreases of 12%, 11%, and 9% respectively [2] - The price of fresh milk continues to decline, with a reported price of 3.08 yuan per kilogram in March 2025, down 1.0% month-on-month and 13.1% year-on-year [2] Strategic Initiatives - Miaokelando's growth strategy includes product innovation, expanding consumption scenarios, and cost control [3][4] - The company has accelerated the launch of new products, diversifying its offerings to include various cheese formats and targeting both children and adults [3] - The expansion of consumption scenarios includes partnerships with restaurants and food brands to incorporate cheese into various dishes, enhancing market penetration [3] - Cost control measures involve sourcing domestic milk to reduce expenses and focusing on developing core products to streamline operations and improve margins [5][6] Value Chain Development - The company emphasizes the importance of managing the entire cheese production value chain, including the utilization of by-products like whey to create high-value products [6] - The development of high-value whey protein products is seen as a key opportunity for growth in the sports nutrition market, which is currently dominated by imports [6] - The focus on deep processing of cheese is expected to enhance the value chain and unlock significant industry potential, transforming the dairy sector [6]