中信建投:乳製品需求端改善仍需觀察,部分企業利潤彈性會有所凸顯
中信建投研報表示,2024年前三年季度乳製品板塊(不含港股)總營收達1410億元,同比降7.78%,其中三季度同比降6.3%。三季度,乳製品市場需求延續了年初以來較弱的態勢。利潤端,前三季度板塊整體歸母淨利潤121億元,同比增長6.0%,三季度為34.8億元,同比增長0.7%。主要由原奶價格的下滑帶動利潤增速快於收入增速。乳企第三季度利潤端表現較好,成本改善帶動盈利能力提升。目前生鮮乳平均價格3.13元/公斤,同比仍保持雙位數降幅,成本紅利有望持續釋放。在當前時點,乳製品需求端改善仍需觀察,但部分企業利潤彈性會有所凸顯。
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