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大摩：蒙牛乳业(02319)2023年纯利较该行及市场预测低7%和12%

Damo: The net profit of Mengniu Dairy (02319) in 2023 is 7% and 12% lower than the bank's and market forecasts

Zhitong Finance ·  Mar 27 03:22

The Zhitong Finance App learned that Morgan Stanley released a research report saying that the net profit of Mengniu Dairy (02319) fell 9.3% to 4.8 billion yuan in 2023, 7% and 12% lower than Damo and market forecasts, respectively; core operating profit increased 14% year over year, lower than the forecast of the bank by 3%, which was affected by the increase in sales and marketing expenses. Furthermore, last year's sales increased 6.5% year on year to 98.6 billion yuan, in line with expectations; gross margin increased 1.8 percentage points during the period, better than the bank's expectations of 0.9 percentage points, due to a drop in raw milk prices.

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