金吾财讯 | 太平洋证券发研报指，现代牧业(01117)近日发布 2025年半年业绩，报告期内，公司营收60.7亿元，同比-5.4%，净亏损9.8亿元(去年同期净亏损2.1亿元)，现金EBITDA14.8亿元，同比-2.5%。该机构表示，原奶周期即将反转，公司业绩未来可期：报告期内公司毛利率同比+0.3%至26.4%，生物资产公允价值损失18.2亿元，同比增亏6.7亿元，主因淘汰牛数量增加及原料奶市场售价下降影响，公司预计2025年下半年重估损失有望环比改善，主因牛群减值损失有望减少。该机构看好未来原奶、肉牛周期共振上行，推动公司卖牛收入增加，生物资产减值损失减少，利润弹性有望释放。该机构预计公司2025-2027年营业收入分别为157亿/180.8亿/210亿元，归母净利润分别为-7.12亿/3.55亿/13.36亿元，对应EPS分别为-0.09/0.04/0.17元/股，给予买入评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.