【乳業上有龍頭財務簡析】
[微笑][微笑]乳業上游行業投入高、壁壘大，規模優勢是企業最核心競爭優勢，也是未來行業發展的趨勢。而規模優勢最直接的表現無非是牛多、牧場多、產量多。
從年報數據看，
$優然牧業(09858)$ 牧場達到78座，奶牛存欄數差不多50萬頭，原料奶產量達238萬噸，都是實打實的行業第一，絕對龍頭地位穩固。
在體量的優勢的之外，優然牧業畜羣優勢還體現在質量和結構方面。具體來看，優然牧業去年新建了7座牧場，平均單產達到了12.3噸，而且有一個牧場單產能做到13噸，這一單產水平已經達到國際領先。這說明通過技術、管理等方面的精進，優然牧場的高單產牧場正在快速增加。
另一方面，優然牧業的成母牛佔比是46.4%，比行業標準低12個百分點左右，這個數據越低說明企業業績增長的後勁越大。因爲這意味優然牧業的小牛更多，畜羣結構更加年輕化，等小牛慢慢長大，產的奶也會越來越多！所以這也意味着其未來業績將呈現加速釋放趨勢。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments