研報掘金丨東興證券:維持伊利股份“推薦”評級,推測25年盈利能力改善
東興證券研報指出,伊利股份(600887.SH)24年實現歸母淨利潤84.53億元,同比-18.94%,25Q1實現歸母淨利潤48.74億元,同比-17.71%。奶粉及奶製品銷售額的提升主要由銷量帶動。25年春節錯期導致收入壓力較大,但公司液體乳收入降幅明顯收窄,略超預期,推測因公司24年底主動控貨,渠道庫存壓力較低。毛利率提升,費用率開始下降,推測25年盈利能力改善。公司持續推進降本增效,目前原奶價格低位開始企穩,推測公司費用投放壓力減輕,費用率有望進一步下降。認爲伴隨着原奶價格的企穩,行業整體競爭趨緩,公司費用投放壓力降低有利於利潤率的改善。維持“推薦”評級。
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