《大行报告》花旗上调中国飞鹤(06186.HK)目标价至27.2元 评级「买入」
花旗发表研究报告指,根据市场调查数据,中国飞鹤(06186.HK)的市场份额持续增长,由去年第三季的17.12%扩大至第四季的17.3%,其中线下市场份额亦由第三季的19%进一步上升至20%,线上市占率於上季保持在约10%的水平,令全年市场份额增长4个百分点至15.6%。
该行认为,飞鹤市场份额增长既来自国内小型品牌减少,也来自国外进口下跌,预计国家新标准的潜在实施,以及2022年配方注册制更新可能会触发第二轮行业整合,预期飞鹤凭藉庞大的分销网络和对低端市场的高度渗透,将可抢占更多市场份额。
花旗指出,第四阶段配方奶粉较婴儿配方粉更具增长潜力。维持2020至2022年核心净利润增长45%、31%及24%的预测,认为股价至今已累升约30%,现价水平为2021年预测市盈率约23倍,考虑到增长能见度高,将目标价由22.1上调至27.2元,评级「买入」。
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