《大行報告》花旗首予澳優(01717.HK)「買入」評級 目標價18.5元
花旗發表的研究報告,首予澳優(01717.HK)「買入」評級,預計其排名第一的羊配方奶粉及高端牛配方奶將乘著高端化升浪,而這兩個增長引擎貢獻集團收入三分二,並貢獻去年近九成盈利,相關的淨利潤率達20%亦高於集團的14%水平,故該行相信其高增長、高利潤業務將繼續改善公司的盈利能力,予目標價18.5元。
該行指出公司在羊奶配方中排名首位,而相關市場自2015年起在內地快速增長,並越來越受客戶歡迎,公司於2011年推羊奶配方,並在其供應鏈、品價價值及分銷渠道上建立了核心競爭力,而其市場份額達15-20%,並佔進口量60%以上。該行預計羊奶配方於2020-22年的銷售將增25-30%,到2022年收入貢獻將提升至49%。
在高端牛奶配方上,該行指出其高端牛奶配方品牌於2015年設立,成功捕捉高端化的增長勢頭,去年相關銷售佔比達53%,料在2020-22年將繼續帶動整體牛奶配方銷售增長16-23%。
另外公司去年毛利率升至52.5%,主要受惠自家品牌配方奶分部表現,相關分部毛利率達57%,並帶動核心淨利潤率由2016年7%,擴張至2019年14%。展望將來,該行相信受惠業務組合改善、產品組合升級及營運效率提升等,其利潤上行勢頭將持續。(el/u) ~
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