研報掘金丨東吳證券:伊利股份盈利能力具備韌性,維持“買入”評級
東吳證券研報指出,伊利股份(600887.SH)上半年液奶收入增長較慢,奶粉承壓拖累毛利率。認為液奶增長較慢主因消費環境不佳下常温酸等非剛需品類疲軟,預計高端白等白奶類表現相對較好,液奶毛利率提升主因成本下降、次因結構升級。受出生人口減少、行業競爭加劇、公司主動控貨等因素影響,公司奶粉業務收入和盈利能力承壓,高毛利的奶粉業務疲軟拖累公司整體毛利率。綜合來看,23H1/23Q2公司歸母淨利率分別為9.6%/8.2%,同比-0.15/+0.15pct,盈利能力具備韌性。近期經營趨勢向好,長期發展目標不變。根據公司交流,7 月以來公司液奶奶粉均呈現逐步改善態勢,預計7月液奶在去年同期低基數下有望同比增長中個位數。維持“買入”評級。
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