《大行報告》匯豐研究上調維他奶(00345.HK)目標價至25元 評級「持有」
匯豐研究發表報告,指出維他奶(00345.HK)公布2020財年業績,盈利按年下跌23%,主要是由於疫情導致下半財年收入減少,而成本下降的因素未能抵銷相關影響所致。該行相信疫情的持續影響將會持續到下一個財年,並抑制短期的增長。另外,值得注意的是主要產品,即豆奶及茶類產品的增長率均在2019年度放緩,因此加劇了短期的壓力。
該行指,公司在產能擴張方面採取嚴謹及分階段的策略有助維持健康的長遠增長。雖然如此,隨著東莞新的廠房在未來數月內竣工,相信公司的財務表現可能會受到影響。參考2017財年的情況,在武漢廠房完工後,增長有所放緩。整體而言,該行預期公司的盈利不會在2022財年之前回到疫情前的水平。另外,在產能遷移至東莞後,公司在深圳的現有設施可能會重建,這或有助於釋放其隱藏價值。
該行將公司2021財年的盈利預測上調3%,並將目標價由原來的23元上調至25元。維持「持有」投資評級。
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