现代牧业:2025奶价有望企稳回升 轻装上阵业绩有望改善

申万宏源研究
10 Apr

背靠股东,国内领先的牧业集团。现代牧业的第一大股东是蒙牛乳业,持股比例达56.36%,二股东新希望乳业持股比例8.03%。背靠股东,现代牧业原料奶业务的核心客户为蒙牛乳业和新乳业,最近三年来蒙牛采购占公司原料奶外销量的90%以上。通过与大客户签订长期合作协议的方式,公司原奶生产并不存在消化需求的问题,产销率2019 年以后持续维持在96%以上。截止2024 年,现代牧业集团在中国共投资设立47 个...

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