Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 revenue of 1.23 billion yuan, a year-on-year increase of 6.3%, and a net profit of 80 million yuan, up 114.9% year-on-year, indicating a significant improvement in net profit margin [7] - The cheese business showed strong growth, with revenue expected to increase by over 15% year-on-year in Q1 2025, driven by the dual-brand synergy with Mengniu [7] - The company's gross margin improved by 2.8 percentage points to 31.5% due to a better product mix and cost control measures [7] - The forecast for 2025-2027 revenue has been adjusted to 5.3 billion, 6.1 billion, and 7.0 billion yuan respectively, with corresponding net profit estimates raised to 260 million, 400 million, and 560 million yuan [7] Financial Summary - For 2023, total revenue is projected at 5.32 billion yuan, with a year-on-year growth of 10.2% [1] - The net profit for 2023 is estimated at 600.7 million yuan, reflecting a significant decline of 56.35% compared to the previous year [1] - The earnings per share (EPS) for 2025 is expected to be 0.50 yuan, with a price-to-earnings (P/E) ratio of 54.46 [1] - The company’s total assets are projected to reach 8.48 billion yuan by 2025, with a debt-to-asset ratio of 45.54% [6][8]

Core Viewpoint - The company reported a revenue growth of 6.26% to 1.233 billion yuan in Q1 2025, with a net profit increase of 114.88% to 82.3967 million yuan [1] Group 1: Financial Performance - Q1 revenue reached 1.2255583 billion yuan, with cheese revenue at 1.0297 billion yuan and liquid milk revenue at 94.8473 million yuan [2][3] - The company's net profit for the quarter was 82.3967 million yuan, reflecting a significant increase compared to the previous year [1] Group 2: Product Strategy - The company is focusing on innovation in the cheese snack sector, targeting both children's products and adult cheese offerings to enhance nutritional value and taste [3] - There is a strategic emphasis on B-end and family dining cheese product innovations, with a goal to increase the penetration of domestic cheese in professional fields [3] Group 3: Supply Chain Development - The company aims to build a self-sufficient supply chain for cheese production using domestic milk, which is seen as a foundational element for long-term competitive advantage over the next five to ten years [4] - The initiative is expected to promote the development of upstream dairy production and stabilize the market supply-demand balance for milk in China [4]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown significant profit improvement driven by cost reduction and efficiency enhancement, with promising performance from new products [1]. - The integration with Mengniu has led to a notable increase in cheese business revenue, with Q1 2025 cheese revenue reaching 10.30 billion CNY, up from 7.85 billion CNY in Q1 2024 [2]. - The company's gross profit margin improved to 31.5% in Q1 2025, an increase of 2.8 percentage points year-on-year, attributed to product structure optimization [3]. - The company is expected to continue benefiting from synergies with Mengniu, enhancing supply chain, channel, and brand marketing capabilities, while also accelerating new product launches [4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 12.3 billion CNY, a year-on-year increase of 6.3%, and a net profit attributable to shareholders of 0.8 billion CNY, up 114.9% year-on-year [1]. - The company’s net profit margin for Q1 2025 was 6.7%, reflecting a year-on-year increase of 3.4 percentage points [3]. Product and Revenue Breakdown - Revenue from cheese, liquid milk, and trading in Q1 2025 was 10.30 billion CNY, 0.95 billion CNY, and 1.01 billion CNY respectively, compared to 7.85 billion CNY, 0.81 billion CNY, and 0.82 billion CNY in Q1 2024 [2]. - The company has increased its distributor count across regions, with a total of 8,046 distributors as of Q1 2025, marking a net increase of 249 distributors [2]. Profitability and Cost Management - The company’s sales expense ratio decreased to 16.8% in Q1 2025, down 2.7 percentage points year-on-year, indicating improved efficiency in expense allocation [3]. - The management expense ratio remained stable at 5.0%, with other income contributing 0.9% to revenue, reflecting a year-on-year increase of 0.5 percentage points [3]. Future Outlook - The company forecasts net profits of 2.16 billion CNY, 3.24 billion CNY, and 4.57 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.42 CNY, 0.63 CNY, and 0.89 CNY [4].

Core Viewpoint - Miaokelando reported a revenue of 1.233 billion yuan for Q1 2025, marking a year-on-year growth of 6.26%, and a net profit of 82.40 million yuan, which represents a significant increase of 114.88% compared to the previous year [1][3]. Financial Performance - Revenue for Q1 2025 was 1,233,332,768.29 yuan, up from 949,770,638.24 yuan in the same period last year, reflecting a growth rate of 6.26% [3]. - The net profit attributable to shareholders was 82,396,663.23 yuan, compared to 41,297,504.42 yuan in the previous year, indicating a year-on-year increase of 114.88% [3]. - The net profit after deducting non-recurring gains and losses was 64,941,077.73 yuan, which is a 110.23% increase from 30,889,942.81 yuan last year [3]. - Basic and diluted earnings per share were both 0.164 yuan, up from 0.082 yuan, showing a growth of 115.79% [3]. - The weighted average return on equity increased to 1.851%, up from 0.955% last year, representing an increase of 1.045 percentage points [3]. Market Strategy and Product Development - The company is focusing on deepening its presence in the cheese market, with increased investment in product innovation, launching new products such as growth yogurt and cheese snacks to meet diverse consumer needs [3]. - Collaborations with major retailers and e-commerce platforms have expanded the product coverage and market penetration [3]. - The company aims to maintain a cheese-centric development strategy, responding to trends in diversified product innovation and consumer demand across various demographics [4]. - The CEO emphasized the importance of domestic demand policies and the rising trend of high-quality consumption, which are expected to drive growth in the cheese market [4]. - The company plans to enhance its core competitive capabilities by innovating cheese products for both children and adults, increasing market penetration, and building a self-sufficient supply chain for domestic cheese production [4][5].

Core Viewpoint - The company reported a positive turnaround in revenue growth for Q1 2025, driven by improved competitive dynamics in the cheese market and synergies from the merger with Mengniu [1] Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 1.233 billion yuan, with an adjusted year-on-year growth of 6.26%, marking the first quarter of positive revenue growth since Q4 2022 [1] - The adjusted net profit attributable to shareholders reached 82 million yuan, with a year-on-year increase of 114.88%, while the adjusted net profit excluding non-recurring items was 65 million yuan, up 110.23% year-on-year [1] - The gross profit margin improved to 31.49%, an increase of 2.82 percentage points year-on-year, and the net profit margin attributable to shareholders was 6.68%, up 3.38 percentage points year-on-year [1] Group 2: Strategic Initiatives - The company is focusing on innovation in the cheese snack sector, targeting both children and adults, and enhancing the penetration of domestic cheese products in the B-end and family dining markets [2] - The establishment of a domestic cheese supply chain using local milk is seen as a foundational strategy for long-term competitiveness over the next five to ten years [2] - The company has launched several new products in the cheese snack category, including cheese balls and cheese triangles, and aims to strengthen collaboration with Mengniu in both B-end and C-end businesses [3] Group 3: Future Projections - Revenue projections for 2025-2027 are estimated at 5.628 billion, 6.590 billion, and 7.730 billion yuan, with year-on-year growth rates of 16.18%, 17.10%, and 17.30% respectively [3] - The expected net profit attributable to shareholders for the same period is projected to be 241 million, 350 million, and 476 million yuan, with year-on-year growth rates of 112.37%, 45.12%, and 36.00% respectively [3] - The company maintains a "recommended" rating with corresponding price-to-earnings ratios of 58X, 40X, and 30X for the years 2025, 2026, and 2027 [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 27.47 yuan [1][3]. Core Views - The company focuses on cheese production, achieving a revenue of 12.33 billion yuan in Q1 2025, a year-on-year increase of 6.26%. The net profit attributable to shareholders reached 0.82 billion yuan, up 114.88% year-on-year [3]. - The cheese segment generated 10.30 billion yuan in revenue for Q1 2025, accounting for 84.02% of total revenue, indicating a clear focus on optimizing its business structure [5]. - The company is enhancing its channel strategies, with distribution channels contributing 9.59 billion yuan (78.29% of revenue) and direct sales channels contributing 1.65 billion yuan (13.47%) in Q1 2025 [5]. - Financial forecasts have been adjusted, with expected net profits for 2025-2027 being 1.99 billion yuan, 3.09 billion yuan, and 4.19 billion yuan respectively, reflecting a strong recovery in operations [5]. Financial Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 4.84 billion yuan, 5.30 billion yuan, 6.12 billion yuan, and 7.03 billion yuan respectively, with year-on-year growth rates of 19.6%, 9.5%, 15.3%, and 15.0% [4][8]. - The net profit for the same years is projected to be 0.114 billion yuan, 0.199 billion yuan, 0.309 billion yuan, and 0.419 billion yuan, with significant growth rates of 79.1%, 75.0%, 55.5%, and 35.5% [4][8]. - The company's gross margin is expected to improve from 28.3% in 2024 to 32.5% in 2027, while the net margin is projected to increase from 2.3% to 6.0% over the same period [8]. Valuation Metrics - The report provides a P/E ratio forecast of 123.8 for 2024, decreasing to 33.6 by 2027, indicating an improving valuation as earnings grow [4][8]. - The P/B ratio is expected to decline from 3.2 in 2024 to 2.6 in 2027, reflecting a more favorable valuation as the company matures [8].

今年一季度，妙可蓝多加大在产品创新方面的投入，围绕家庭消费场景与健康需求推出成长酪乳、奶酪 小三角、奶酪酥酥等多款符合市场需求的新品，满足了不同消费者的口味和营养需求。同时，通过加强 与各大零售商、电商平台的合作，妙可蓝多的产品覆盖范围不断扩大，市场渗透率进一步提升。此外， 公司在产品研发、品牌建设等方面的投入也取得了良好回报，进一步增强公司市场竞争力，提升了盈利 能力。 妙可蓝多在2025年第一季度的出色表现，不仅得益于短期的市场策略和运营管理，更离不开公司清晰的 战略布局和长远的发展规划。公司将继续坚持以奶酪为核心的发展战略。 妙可蓝多创始人、CEO柴琇表示，中国奶酪产业发展正在进入新阶段，将呈现多元化的产品创新、多场 景下的消费可能、全人群的需求覆盖的显著趋势，驱动奶酪消费市场的有效扩容，实现新的高速增长。 柴琇表示，"扩大内需"的政策导向、"高品质消费"的主流需求以及新生代消费人群的新型健康饮食观 念，给中国奶酪的新发展提供了重要的确定性因素。妙可蓝多将持续在四个维度构建更为深广的核心竞 争能力：一是在奶酪休闲零食领域的创新与分化，坚定儿童奶酪向"高年龄段"的创新进化，继续围绕成 人奶酪开创更营养更美 ...

（一）产品类别 单位：万元 币种：人民币 2025 年第一季度与行业相关的定期经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第3号行业信息披露：第十四 号——食品制造》的相关要求，上海妙可蓝多食品科技股份有限公司现将2025 年第一季度与行业相关的定期经营数据披露如下： 一、报告期主营业务相关经营情况 | 产品类别 | 1-3月营业收入 | | | --- | --- | --- | | 奶酪 | | 102,970.39 | | 贸易 | | 10,100.70 | | 液态奶 | | 9,484.73 | | 总计 | | 122,555.83 | 证券代码：600882 证券简称：妙可蓝多 公告编号：2025-039 上海妙可蓝多食品科技股份有限公司 | 区域 | 1-3月营业收入 | | --- | --- | | 北区 | 46,415.70 | | 中区 | 51,383.66 | | 南区 | 24,756.46 | | 总计 | 122,555.83 | ...

证券代码：600882 证券简称：妙可蓝多 上海妙可蓝多食品科技股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 上海妙可蓝多食品科技股份有限公司 2025 年第一季度报告 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 1 / 16 单位：元 币种：人民币 项目 本报告期 上年同期 本报告期比上 年同期增减变 动幅度(%) 调整前 调整后 调整后 营业收入 1,233,332,768.29 949,770,638.24 1,160,690,731.04 6.26 归属于上市公司股东的 净利润 82,396,663.23 41,297,504.42 38,344,962.77 114.88 归属于上市公司股东的 扣除非经常性损益的净 利润 64,941,077.73 30,889,942.81 30,889,942 ...

妙可蓝多 600882.SH 公司研究 | 年报点评 | 深化整合蒙牛渠道，期待业绩弹性 | | --- | 核心观点 盈利预测与投资建议 ⚫ 根据 24 年年报，对 25 年下调收入、毛利率。考虑到公司合并蒙牛奶酪业务，有望借 助蒙牛生态渠道加速拓张，看好公司长期成长性。我们预测公司 2025-2027 年每股 收益为 0.47、0.64、0.84（原预测 25 年为 0.48 元）。我们延续 FCFF 估值方法，计 算公司权益价值为 148 亿元，对应目标价 28.91 元，维持买入评级。 风险提示 行业竞争加剧、居民消费力恢复不及预期、营收增长不及预期风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,322 | 4,844 | 5,444 | 6,103 | 6,824 | | 同比增长 (%) | 10.2% | -9.0% | 12.4% | 12.1% | 11.8% | | 营业利润(百万元) | 54 | 164 | 307 ...