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里昂:首予維他奶(0345.HK)“買入”評級 目標價41港元
格隆匯 10-10 15:07

里昂發表報告,首次覆蓋研究維他奶(00345.HK) ,予其“買入”評級,目標價41港元,料2020-21年純利年複合增長率達16%。該行表示,維他奶為中國及香港最大的豆奶生產商,併為高檔即飲茶類市場的龍頭,雖然集團過去十年在中國的年均複合增長率達23%,但其滲透率仍低,仍有很大的發展空間。

該行提到,與同業相比,維他奶因其高檔品牌定位、具韌性的增長,及利潤率和資本回報率有吸引力而突圍而出。另外,集團在中國的銷售潛在提速或成催化劑,里昂預期集團2020至2022年的銷售增長可達13%。隨着產品組合持續改善,料其毛利率將有所提升,但相信部份資源將投放在推廣活動上,以提升品牌在中國的知名度。此外,該行指,管理層有紀律的擴產計劃,意味其派息比率持續穩定。

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