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富瑞:H&H國際(1112.HK)首季業績勝預期 料復甦將全年持續
格隆匯 05-11 13:18

富瑞發表研究報告指,H&H國際控股(1112.HK)今年首季業績勝預期,主要由於山羊IMF快速增長,加上免疫產品需求強勁。不過,該行指其代購需求減少,加上第二季處於高基數,會造成公司增長的阻礙,但預期其新產品及中國的直接銷售能帶動銷售增長。富瑞維持其買入投資評級,目標價40港元。

富瑞表示,公司今年首季的銷售較管理層預期佳,達中單位數增長,勝市場預期。管理層預期,公司全年銷售增長為正數,相信全年能持續首季的表現,但澳洲的銷售或因代購需要減少造成壓力。預期,H&H國際因高基數造成增長壓力,但認為其增長復甦將會全年持續,並主要在下半年,主要受惠新產品推出、免疫產品需求強勁和中國直接銷售貢獻增加。

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