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研報掘金丨西部證券:金龍魚龍頭地位穩固,維持“增持”評級

西部證券研報指出,金龍魚(300999.SZ)24H1主要產品銷量小幅增長,業績同比明顯改善。24H1公司廚房食品/飼料原料及油脂科技業務銷量為1137.3/1212.9萬噸,同比分別+2.53%/+3.67%,銷量實現小幅增長。毛利率方面,24H1/24Q2公司毛利率為4.90%/4.65%,同比+0.75ppt/+1.54ppt。毛利率提升主要是成本降幅超過售價降幅,盈利空間得到修復。截至24H1,公司共有80個生產基地,油籽壓榨/油脂精煉/油脂灌裝設計產能為1472.4/602.5/781.5萬噸,同比分別+5.84%/+2.87%/+2.38%,主業產能持續提升。原材料成本下行有望助力公司盈利能力改善,公司龍頭地位穩固,維持“增持”評級。

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