【东吴食饮 | 深度】中国飞鹤:千帆过尽,鹤鸣九皋

东吴食饮
19 May

投资要点■高分红的国产婴配粉龙头,24年业绩拐点显现:公司是中国最早的奶粉企业之一,聚集婴配粉业务,24 年渠道改革效果显现+超高端产品发力推动公司收入及净利润同比改善,业绩拐点显现。当前公司在手现金充沛,24 年分红率提升至 76%,高分红属性突出。■聚焦高端化产品,渠道管理狼性。1)产品:公司通过新鲜奶源+配方精准化打造差异化产品,聚焦以星飞帆系列为核心的超高端产品,通过星飞帆裂变打造百亿大...

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