中金:重申達利食品(3799.HK)“跑贏行業”評級 維持目標價6.7港元
中金髮布報告稱,達利食品(03799.HK)公司於2H18起進行渠道改革,今年6月基本完成。目前經銷商體系由此前僅按區域劃分調整為主要按渠道劃分,經銷商按渠道申報費用率,利於經銷商聚焦其強勢渠道,也便於公司對渠道進一步精細化管理,提升效率。
根據該行調研,渠道改革成效逐步顯現,公司整體銷售表現逐季好轉,3Q19表現好於1H19,同時預計4Q19將為全年表現最好季度。預計 2H19 公司收入增速有望達到高個位數,明年加速至雙位數,收入增速或將迎來轉折。另外,公司成立單獨電商團隊,電商團隊在產品研發上具有更大靈活性,線上產品將完全區別於線下。當前電商收入佔比 4%,公司計劃3-5年後將電商佔比提升至10%。
該行表示,重申“跑贏行業”評級,維持目標價6.7港元。
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