来源：Gangtise投研

中国圣牧（01432.HK）投资者交流会：圣牧自2009年成立以来，专注于沙漠有机奶业务，拥有40万亩基地、7万吨有机肥厂和33座牧场，年产70多万吨原奶，其中有机原奶产能约55万吨，市场占有率达35-40%。公司业绩受奶价影响，2023年收入35亿，毛利率30%，现金约10亿，净利率1亿。蒙牛作为最大股东持股29.99%，公司资产负债率50.3%，财务稳健。未来产能规划显示，有机奶产能将维持80%，特色奶占比增加，沙漠基地产能有50%扩张潜力。原材料价格下跌有助于毛利率提升，预计明年价格下降幅度不大。

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