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西部證券:三大因素支撐中牧股份中長期業績持續向好 首予“買入”
格隆匯 12-17 11:47
格隆匯12月17日丨西部證券發佈中牧股份的研報指出,三大因素支撐公司中長期業績持續向好。2019年在非洲豬瘟疫情導致生豬產能深度去化背景下,公司與生豬業務相關的疫苗及獸藥業務短期承壓,但口蹄疫市場苗銷量仍取得 6%的逆勢增長,彰顯公司產品及渠道推廣的成效顯著,隨着生豬存欄逐步探底及公司豬口蹄疫OA二價苗的上市,預計20/21年口蹄疫疫苗銷量同比增長 3.31%、22.30%,化藥及飼料等後周期板塊在經歷短期低迷後亦有望同比改善,預計20/21年化藥、飼料營收同比增速為29.1%/20.0%、18.5%/22.0%。參考同行業可比公司PE估值,給予公司2020年29倍PE,公司目標價14.79元,首次覆蓋,給予“買入”評級。
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