2025Q3 公司营收增长提速，利润低基数上继续明显改善，奶酪品类长期渗透率提升空间较大，公司 B 端开拓和 C端改善之下逐步提速成长可期。 奶酪主业增长较快，盈利逐步提升。公司2025Q3 奶酪业务实现营收11.66 亿元、同比+22%，快于整体 收入增速，液态奶业务有所收缩。公司继续开拓B 端渠道以及C 端新品，我们预计25Q3 因C 端即时营 养系列处于季节性淡季，而B 端占比相对提高，单Q3 利润绝对额相对Q1 和Q2 偏低，后续C 端需求有 望自然回暖带动产品结构和毛利率提升。同时公司通过管理运营的精细化有望继续提升费效，未来盈利 提升空间较大。 产品渠道持续创新，市场开拓空间较大。公司延续B 端高增、C 端稳健的经营态势，C 端奶酪棒稳低温 拓常温、积极布局家庭餐桌场景，以KA 为主逐步走向多元化，积极布局零食量贩、会员店、便利店等 成长性渠道。B 端双品牌产品互补，爱氏晨曦以稀奶油和黄油见长，妙可蓝多马苏里拉、奶酪片、原制 奶酪订单持续放量，定制化新品打开市场，组合协同成效显现。公司作为奶酪行业龙头形成品牌和管理 沉淀，未来有望在奶酪大市场中持续开拓新品和新场景，同时结合渠道开拓推动品类渗透率的 ...

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [4][10]. Core Views - The company is actively enriching its product matrix and strengthening its ambient products, enhancing C-end channel diversification and B-end channel synergy after integrating Mengniu Cheese, leading to a significant improvement in profitability for H1 2025 [2][10]. - The company expects a notable increase in net profit for H1 2025, projecting a net profit attributable to shareholders of 120-145 million yuan, representing a year-on-year growth of 56.29%-88.86% [10]. - The integration of Mengniu Cheese has strengthened synergy across the entire operation, from procurement to sales, enhancing efficiency and profitability [10]. Financial Summary - Total revenue for 2023 is 5,322 million yuan, with projections of 4,844 million yuan for 2024, and expected growth to 5,313 million yuan in 2025, reflecting a 9.7% increase [3][11]. - Net profit attributable to shareholders is forecasted to rise from 60 million yuan in 2023 to 225 million yuan in 2025, indicating a growth rate of 97.7% [3][11]. - Earnings per share (EPS) is expected to increase from 0.12 yuan in 2023 to 0.44 yuan in 2025, with a projected net asset return rate of 4.9% in 2025 [3][11]. Market Data - The company's target price is set at 33.20 yuan, with a current price of 28.34 yuan [4][10]. - The market capitalization is approximately 14,512 million yuan, with a 52-week price range of 11.78-32.69 yuan [5][10]. Financial Ratios - The price-to-earnings (P/E) ratio is projected to decrease from 241.60 in 2023 to 64.61 in 2025, indicating improved valuation [3][11]. - The return on equity (ROE) is expected to rise from 1.3% in 2023 to 4.9% in 2025, reflecting enhanced profitability [3][11].