乳制品24年报及25年一季报回顾:龙头轻装上阵 景气改善可期

招商证券股份有...
May 16, 2025

24 年行业需求承压,伊利蒙牛等龙头企业去库存梳理渠道,同时一次性计提商誉减值,理清包袱轻装上阵。奶价下行板块毛利率有所提升,同时费用更加高效投入,25Q1 企业盈利呈现改善态势。全年来看,行业供给侧上游牧场加速去化,需求端政策预期增强,今年有望实现供需平衡的进一步改善,景气度提升,板块龙头业绩改善确定性更强。业绩回顾:行业需求承压,龙头理清包袱。24 年整体乳制品行业承压。伊利、蒙牛为代表的...

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