天風證券:予澳優(1717.HK)“買入”評級 受益於明年税率下調
天風證券發佈報告稱,預計澳優(01717.HK)2019-2021年營業收入分別為70.0、93.0、121.0億元,同比增長 30%、33%、30%,19-21 年調整後淨利潤分別為9.2、12.8、16.6 億元,同比增長58%、39%、30%,2019-2021年EPS分別為0.58、0.80、1.04 元,給予公司2020年23倍估值,目標價20.30港元,給予“買入”評級。
該行稱,公司於12月23日發佈公告稱,晟德大藥廠、玉晟生技及公司一名股東擬分別轉讓1500萬、1000萬、1000萬股公司股份予致美集團,每股作價9港元,總代價3.15億港元。公司在經歷做空後,股價持續低迷,本次致美集團的增持持續體現公司未來業績向好趨勢及管理層對未來公司成長的信心。
該行表示,公司核心羊奶粉大單品佳貝艾特近期終端售價向上調整,與此同時線上價格標準同步執行。另外,據乳業資訊網報道,自2020年1月1日起,零售包裝嬰幼兒奶粉的最惠國税率由15%調整至5%。明年税率下調,以澳優單品單罐計,產業鏈或增加20-30元的利潤分配間,提升了澳優產品系列在內地的競爭力,較基地在內地的國產品牌奶粉更加受益。

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