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中金:看好明年乳業等必選消費品板塊表現 推薦蒙牛(2319.HK)等
格隆匯 11-21 16:43

中金公司表示,看好明年乳業等必選消費品板塊表現,農村居民收入增長可能更為強勁,為需求提供支撐,推薦蒙牛乳業(2319.HK)、達利食品(3799.HK)及伊利股份(600887.SH)等。

報告表示,在經濟下行、物價上行週期中,食品飲料等必選消費行業通常防禦性更強,能獲得相對收益,而海外資金流入趨勢將延續,亦有利該板塊。H股必選消費板塊目前市盈率在20倍,低於過去5年的歷史均值,相比A股仍有估值折價,而A股非酒類食品飲料板塊目前預測市盈率在30倍,處於歷史中樞偏上水平。

報告指,明年選擇在經濟走弱下具備高競爭壁壘的公司、有望通過內生改善或外部利好實現加速增長的公司、以及成本上行週期中具備定價權的公司。H股推薦股份包括達利食品、頤海國際(1579.HK)、蒙牛乳業、萬洲國際(0288.HK)、維達國際(3331.HK)。

A股則推薦伊利股份、涪陵榨菜(002507.SZ)、絕味食品(603517.SH)、三隻松鼠(300783.SZ)、光明乳業(600597.SH)、洽洽食品(002557.SZ),建議關注安琪酵母(600298.SH)和三全食品(002216.SZ)

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