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研報掘金丨中郵證券:新乳業盈利能力不斷提升,維持“買入”評級
格隆匯 07-18 14:33

中郵證券研報指出,新乳業2024年營收規模106.65億,產品矩陣覆蓋常、低温各類乳飲品和奶粉。公司旗下有52家控股子公司、15個主要乳品品牌、16家乳製品加工廠、12個自有牧場。各子品牌在母品牌“新希望”下獨立運營,充分發揮各品牌的協同效應,實現資源的優化配置。2023年公司提出戰略規劃,繼續以“鮮立方戰略”為核心方向,2023-2027年努力推動規模複合年均雙位數增長,淨利率實現翻一番。23-24年公司營收和利潤複合增速均實現逆勢增長,領先同行。公司希望通過DTC業務去建立相對的渠道壁壘。當前DTC業務佔比15%,27年目標提升至30%。同時,未來隨着行業需求的逐步企穩回升、規模效應、有息負債規模的不斷下降,預計公司的期間費用率仍將繼續優化。維持“買入”評級。

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