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里昂:內需股下半年值憧憬 首選蒙牛、H&H及中國飛鶴
格隆匯 02-04 16:49

里昂研報指,新型冠狀病毒將會對今年中國內需企業的收入增長帶來影響,不過相信情況在下半年會有紓緩。該行預期,全年銷售及盈利將分別增長9%及15%,建議投資者增持乳製品及家庭個人護理用品,減持白酒,並選擇性地揀選傳統餐飲股。首選買入蒙牛(2319.HK) 、H&H(1112.HK) 及中國飛鶴(06186.HK) 。具有價值的股份則包括恆安國際(1044.HK) 及康師傅(0322.HK) ,現代牧業(1117.HK) 及周黑鴨(1458.HK)是黑馬。

該行預期,原奶價格將會在今年按年上漲4至6%,除了現代牧業直接受益外,相信下游企業,例如蒙牛的毛利率會因為更積極的定價措施及成本控制而進一步上升。在主要上市公司中,嬰兒奶粉業務的風險回報仍然是利好。在家庭個人護理板塊方面,預期此板塊的每股盈利增速將會由2019年的2%提升至8%,相信此趨勢可持續,並會加快銷售及毛利率擴張。

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