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平安证券：维持妙可蓝多“推荐”评级，奶酪主业盈利能力持续改善

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【平安证券：维持妙可蓝多“推荐”评级，奶酪主业盈利能力持续改善】平安证券研报指出，妙可蓝多BC双轮驱动，成效显著。2026年上半年实现营业收入33.04亿元，同比增长28.71%；归母净利润1.51亿元，同比增长13.74%；扣非归母净利润1.21亿元，同比增长17.87%。公司奶酪主业BC兼顾，持续推进产品迭代升级。坚定聚焦奶酪核心业务，业务结构持续优化。2026年上半年公司奶酪业务实现收入28.87亿元，同比提升28.95%，收入占主营业务收入比例由去年同期的87.71%提升至88.06%。奶酪业务毛利率为33.24%，毛利占公司主营业务毛利比例为97.78%，同比增加0.47个百分点，核心地位稳固。液态奶业务实现收入1.60亿元，同比下降16.72%。公司稳步推进业务结构优化，主营业务经营质量稳步提升，增长结构持续向好。考虑公司奶酪主业盈利能力持续改善，渠道精耕成效显现，对公司维持“推荐”评级。

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