匯豐:下調維他奶(0345.HK)目標價至33港元 評級“持有”
匯豐研究發表的報告指,維他奶(00345.HK)上半財年收入增長5%,增速較去年同期的20%有所減慢,而盈利增長亦只有3%。如撇除匯率方面的不利影響,期內收入及淨利則分別升9%及7%。期內中國市場貢獻公司近七成的收入,繼續是主要的增長引擎,按固定匯率計算,相關地區的收入增長達14%,有助補足其他市場方面的表現。
該行指出期內毛利率亦有進一步擴闊,惟經營利潤率有所放慢,主要因為銷售及行政開支有所增加。按地區劃分,中國方面利潤表現穩定,惟香港及澳洲市場則有所下滑。
匯豐研究指出,對期內收入增長放慢並不意外,相信是受去年高基數所影響,另外主要產品檸檬茶勢頭亦有所放慢,但整體而言其增長速度仍然可觀,對該行觀點有支撐,而公司在荳奶市場仍具領先地位,相信中國逐步關注健康及營養飲食對公司而言屬增長機遇。該行將公司2020及2021年盈利預測分別下調8%及13%,以反映銷售減慢及匯率影響,將其目標價由40港元降至33港元,維持“持有”評級。

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