研報掘金丨國信證券:維持金龍魚“優於大市”評級,多元化發展值得期待
國信證券研報指出,受水稻、小麥、玉米價格下跌影響,金龍魚(300999.SZ)2024年歸母淨利潤同比承壓。預計2025年小麥、玉米等原料價格將迎來溫和上漲,預計公司業績有望受益原料景氣上行修復。2024年,公司廚房食品業務總銷量2407萬噸,同比+4%,主要系餐飲和食品工業渠道產品銷量及利潤隨着公司持續拓展實現增長,同時零售渠道表現有所承壓;營業收入1476億元,同比-6%,主要系原料行情回落導致主要產品價格下跌影響超過了銷量增長帶來的營收貢獻;毛利率6.92%,同比+0.51pct。另外,金龍魚正在積極佈局大健康領域的產品,設立了專門的部門負責相關工作。預計2025年整體在大豆原料供給寬裕、養殖鏈需求回升、居民消費回暖三重因素合力推動下,以進口大豆爲代表的油料壓榨利潤有望維持同比修復趨勢。公司作爲廚房食品龍頭,多元化發展值得期待,維持“優於大市”評級。
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