研報掘金丨華西證券:維持妙可藍多“買入”評級,看好新一輪收入加速及淨利率提升週期
華西證券研報指出,妙可藍多預計25H1實現歸母淨利潤1.2-1.45億元,同比+56.29%~88.86%。收入端,根據公告公司主營業務奶酪產業營業收入同比上升,25Q1營業總收入同比+6.3%,預計其中奶酪C端個位數增速,B端更快增速,判斷25Q2奶酪業務增長有望繼續延續此趨勢。認爲回溯後業績增長超過市場預期,判斷成本紅利+奶酪結構改善貢獻毛利率提升,疊加B端放量佔比提升+C端控費週期貢獻費用率下降,共同帶動公司業績延續高增長。當前繼續看好公司站在乳製品第五輪產業趨勢的起點,看好未來公司作爲龍頭,帶領國產奶酪市佔率持續提升。維持“買入”評級。
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