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大摩:下调中粮肉食(1610.HK)目标价至2.6港元 降生猪产量预测
格隆汇 08-28 15:11

摩根士丹利发表研究报告指出,虽然非洲猪瘟或令生猪价格上涨,但中粮肉食(1610.HK)的产量预测亦因此调低,加上提高生产成本预测,故此大摩下调中粮肉食的盈利预测,并将目标价降低10%至2.6港元,评级为“与大市同步”。

大摩将中粮肉食2018、2019及2020年的每股盈预分别调低14%、11%及10%。大摩报告指出,为了反映非洲猪瘟的影响,中粮肉食管理层已将今年生猪生产预测由2.4-2.5亿头调低至2.2亿头,但维持2020年的3亿头预测。

目前公司母猪存栏量约12万头,年底计划增至18-20万头。至于生鲜猪肉分部方面,河北黄冈年屠宰产能100万头新厂预计年底前可以投产,而中国东北部另一产能达100万头的厂房亦会于下半年开始动工。同时,管理层计划增加从欧盟及其他地方进口牛肉、家禽。因为关税问题,从美国进口的数量有限。

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