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中金:維持達利食品(03799.HK)“跑贏行業”評級 收入增長有望加速
格隆匯 11-11 16:42

中金公司發佈報告稱,根據管理層介紹,達利食品(03799.HK)當前短保共覆蓋7萬家網點,經銷商數量接近800家,單月銷售額達1億元,月度環比增速20%左右,預計全年可完成接近10億元的銷售目標。

該行稱,在短保品類上公司今年將盈虧平衡放在首位,希望做到收入、退貨率和物流費用的平衡,而非一味追求銷售規模的擴大,以穩健的經銷系統保證品類發展的持續性。明年公司預計短保收入規模可達15-20億元,希望在實現退貨率降至11%-12%、物流費用控制在4%以內的前提下能實現8%左右的利潤率。

該行又稱,除包裝豆奶行業本身處於消費者認知提升初期,教育消費者仍需時間外,公司豆奶業務今年也處於渠道穩定期,管理層預計明年豆奶有望恢復至20%左右的收入增長,品類具備較大長期發展空間。管理層表示3Q19飲料板塊恢復增長,食品板塊增速也略有提升。

該行表示,我們看好公司強運營力、高執行力下的短保品類發展機會,並預計在未來2-3年中短保有望持續為公司帶來收入增長動力。並預計明年隨豆本豆、短保、功能飲料和薯片等產品恢復高增長及傳統烘焙企穩,收入增長有望加速。維持“跑贏行業”評級,目標價6.7港元。

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