公司24 年受需求影响整体收入承压,但受益于奶价下行及公司费用高效投放,经营利润率提升幅度超预期,公司对商誉及联营亏损集中进行减值计提,报表包袱理清。25 年看,公司战略方向上继续优化供应链降本增效,并加大渠道下沉,产品上强化高端策略和精准营销,全年计划收入恢复小幅增长,经营利润率保持平稳。我们认为乳品行业在经历24 年需求压力下,市场竞争已有所趋缓,随着上游供给侧持续出清,以及政策带动下需求提振...
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