Experts interpret Mengniu Merbers: Mengniu's revenue and liquid milk growth rate in the first half of the year are weaker than the same period last year.

Cover reporter Wu Yujia

On August 24, Mengniu Dairy announced the mid -term performance in 2022. The report shows that in the first half of 2022, Mengniu's total revenue was RMB 47.722 billion, an increase of 3.96%year -on -year; net profit attributable to the mother was 3.751 billion yuan, a year -on -year increase of 27.3%.

How does Mengniu perform at this stage? Gong Tao, chairman of Shenzhen Zhongjinhua Chuang Fund, believes that the growth rate of Mengniu's revenue in the first half of the year and the growth rate of liquid milk in core business were significantly weaker than the same period of the previous year.

During the reporting period, Mengniu liquid milk business revenue increased slightly by 0.5%year -on -year to 39.665 billion yuan, accounting for 83.1%of Mengniu's total revenue. Related data show that in the first half of 2021, Mengniu's revenue increased by 22.3%year -on -year, and liquid milk revenue increased by 21.1%year -on -year.

Gong Tao's analysis believes that in the past few years, Mengniu has mainly relied on products with higher unit prices to drive the growth of the main business. In other words, Mengniu has continuously launched a higher positioning or price product to increase the entire revenue scale and achieve rising volume and price, thereby maintaining the high -speed growth trend of its main business. By 2021, the effect of driving revenue in this model began to decline. At the same time, another dairy giant Yili has emerged in the field of normal temperature yogurt. Its high -end product An Musi occupies a large number of market share. Its liquid milk business shows a good increase and its profitability is prominent. In this context, Mengniu's own basic disk will naturally be affected.

How to think of Mengniu's stock price rising against the trend? Gong Tao believes that, on the one hand, under the influence of unfavorable factors such as epidemics in the first half of the year, Mengniu still achieved good results and reflects the potential of its development. As the demand for the Chinese dairy market continues to outbreak, Mengniu will occupy a more favorable position in the market. On the other hand, it is based on the market's recognition of the new track. It can be seen that the Mengniu layout effect is prominent on the track of cheese, low -temperature milk, adult milk powder and other forward -looking growth potential. Especially today's dairy consumption has continued to upgrade, the cheese market has grown at a rapid growth, its annual market growth rate is far beyond liquid milk, and the overall development space is very broad.

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