Workflow
鳕鱼条
icon
Search documents
妙可蓝多(600882):收入环比提速 盈利延续高增
Xin Lang Cai Jing· 2025-08-26 00:33
Core Insights - The company reported a total revenue of 2.567 billion yuan for H1 2025, representing a year-on-year increase of 7.98%, with a net profit attributable to shareholders of 133 million yuan, up 86.27% year-on-year [1] - The B-end (industrial catering) business has become a core growth driver, with revenue of 816 million yuan in H1 2025, a year-on-year increase of 36.26% [2] - The company's net profit margin improved to 5.18% in H1 2025, an increase of 2.18 percentage points year-on-year, while the gross profit margin rose to 30.81%, up 0.91 percentage points year-on-year [3] Revenue and Profitability - In Q2 2025, the company achieved total revenue of 1.334 billion yuan, a year-on-year increase of 9.62%, with a net profit of 50.57 million yuan, up 53.06% year-on-year [1] - The C-end (retail) business saw a revenue of 2.36 billion yuan in H1 2025, reflecting a year-on-year increase of 28.44% [2] - The company's net profit for H1 2025 could reach 151 million yuan if excluding incentive expenses, marking a year-on-year increase of 110.84% [1] Cost Management and Efficiency - The company implemented a "cost optimization" strategy, leading to a significant improvement in gross profit margins, particularly in the B-end products, which saw a year-on-year increase of 1.98 percentage points [3] - The marketing expenses decreased by 1.68% year-on-year, indicating a more precise marketing investment strategy [3] - The company’s operating expenses ratio decreased to 25.13% in H1 2025, down 1.73 percentage points year-on-year [3] Future Outlook - The integration with Mengniu's cheese business is expected to enhance profitability, with projected net profits of 259 million yuan and 393 million yuan for 2025 and 2026, respectively [4] - The company is anticipated to continue benefiting from cost reductions and efficiency improvements, which are expected to drive accelerated revenue and profit growth [4] - The company maintains a "buy" rating based on its strong performance and growth potential [4]
妙可蓝多(600882):2025年半年报点评:收入环比提速,盈利延续高增
Changjiang Securities· 2025-08-25 23:30
Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a total revenue of 2.567 billion yuan for H1 2025, representing a year-on-year increase of 7.98%. The net profit attributable to shareholders was 133 million yuan, up 86.27% year-on-year, while the net profit excluding non-recurring items reached 102 million yuan, reflecting an 80.1% increase year-on-year [2][4] - In Q2 2025, the total revenue was 1.334 billion yuan, showing a year-on-year growth of 9.62%. The net profit attributable to shareholders was 50.57 million yuan, an increase of 53.06% year-on-year, and the net profit excluding non-recurring items was 37.51 million yuan, up 44.29% year-on-year [2][4] - The company’s B-end (industrial catering) business has become a core growth driver, with revenue of 816 million yuan in H1 2025, a year-on-year increase of 36.26%. The gross margin improved by 1.98 percentage points, mainly due to business synergy with Mengniu [5] - The C-end (retail) business saw significant performance from the family dining series, generating 236 million yuan in revenue, a year-on-year increase of 28.44%. The ready-to-eat nutrition series optimized its structure and expanded new channels, achieving 1.083 billion yuan in revenue, a slight increase of 0.62% year-on-year [5] - The company implemented a "cost optimization" strategy, resulting in a year-on-year increase in net profit margin by 2.18 percentage points to 5.18% in H1 2025, and a gross margin increase of 0.91 percentage points to 30.81% [6] - The company expects net profits attributable to shareholders to reach 259 million yuan and 393 million yuan for 2025 and 2026, respectively, corresponding to PE valuations of 54 and 35 times [7]