智通财经APP获悉，优然牧业(09858)再涨超8%，截至发稿，涨7.14%，报2.1港元，成交额3439.5万港元。
东方证券指出，优然牧业为国内最大的原料奶供应商，24H1末拥有96座牧场、60万头奶牛，23年产量302万吨。该行指出，我国生鲜乳价格下跌导致奶牛牧场亏损面扩大，24年以来牧场存栏逐步去化，预计24年减少30-40万头奶牛存栏。预计25Q2牧场将加速出清。
该行指出，公司原奶销售结构优良；售奶毛利率在业内领先。在售奶赚钱的基础上，公司奶牛存栏规模领先，成母牛单产较高，为公司创造良好收益。公司建设牧场的战略布局已完成，未来投资规模有望大幅缩减，资本开支有望下降；公司经营性现金流稳健增长，公司现金流向上拐点或已出现。
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