《大行報告》大摩:蒙牛(02319.HK)上半年復甦步伐符預期 料全年銷售增長7%
就蒙牛乳業(02319.HK)公布,自集團預期今年上半年度現有可比業務收入(不包括君樂寶及Bellamy)較去年同期實現正增長,並估計上半年度純利按年下降45%至60%,摩根士丹利發表報告表示,蒙牛最新管理層指引大致符合該行預期,該行原先料蒙牛期內自然銷售增長0.5%、並估計公司上半年純利下滑56%,期內純利下滑主要是改善衛生及復產設施成本較高、推動較高市場開銷以降低庫存、及一次性捐贈現金及物資因素所影響。
該行指,蒙牛表示今4月至5月的整體業務恢復良好,現有可比業務的營業收入較去年同期恢復雙位數增長、集團在全國的生產基地均已全面復工復產,現金流和庫存恢復到健康水平,整體運營恢復情況持續改善。該行料蒙牛今年全年自然銷售增長約7%、估計純利將按年倒退24%至31億人民幣,料經常性純利將按年下滑20%。
大摩稱,維持對蒙牛「增持」投資評級,予目標價34港元。
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