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花旗:澳優(1717.HK)高端奶粉銷售強勁有助改善盈利 首予買入
格隆匯 05-12 13:22

花旗發表研究報告指,澳優(1717.HK)羊奶粉和高端嬰幼兒牛奶粉產品可借優質化浪潮獲得強勢增長,高利潤率業務的快速成長也會繼續改善公司盈利。該行首予其買入評級,目標價18.5港元。

花旗指出,羊奶粉和高端嬰幼兒牛奶粉產品佔集團收入的三分之二,也貢獻了公司去年約九成的淨利潤。該行續指,羊奶粉在中國嬰幼兒奶粉市場的佔有率增長迅速,公司產品在供應鏈、品牌和分銷渠道方面建立起了核心競爭力,預計2020-2022年羊奶粉銷售將增長25%-30%;高端牛奶粉業務成長同樣迅速,預計高端品牌Hyproca將推動公司2020-2022年牛奶粉銷售增加16%-23%。

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