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大和:升澳優(1717.HK)目標至20.3港元 重申買入評級
格隆匯 05-14 13:08

大和總研發表研究報告指,澳優(1717.HK)嬰幼兒配方奶粉在中國的銷售於新冠肺炎疫情期間仍然強勁,毛利率亦持續上升。該行重申其買入評級,將目標價由17港元上調至20.3港元。

大和指,管理層有信心在今年實現其收入增長目標的高端,包括嬰幼兒配方牛奶粉按年增長20-25%,以及嬰幼兒配方羊奶粉按年增長25-30%。該行續指,管理層指中國的物流在2月初中斷,但到3月已恢復,集團加強了對空運的使用,以確保在中國有足夠庫存銷售,並利用在線營銷在首季度與消費者保持溝通。

大和指,受疫情大流行影響,集團自有品牌收入在首季度按年下跌16%,但管理層有信心實現2020年自有品牌業務的收入高個位數增長。該行將其2020-22年收入預測上調1-2%,將每股盈利預測上調4-6%。

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