伊利(600887)：内生利润率扩张确定性强澳优是最大的不确定性因素

浦银国际证券有...2023-05-03

品类结构持续优化，但液体乳产品结构短期承压：伊利1Q23 的奶粉与冷饮收入分别同比增长38%与36%，大幅优于液体乳的收入表现（同比下降2.6%）。然而，整体品类结构的优化并未换来毛利率的扩张——伊利1Q23 毛利率同比收窄70bps。在整体原材料成本稳定的情况下（奶价下降抵消其他原辅材料价格的上涨），我们认为，毛利率的下滑，主要是由于液体乳的产品结构在春节备货提前及疫情的影响下（尤其是1-2 月...

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伊利(600887)：内生利润率扩张确定性强 澳优是最大的不确定性因素

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伊利(600887)：内生利润率扩张确定性强澳优是最大的不确定性因素