《大行报告》美银证券:飞鹤(06186.HK)核心盈利增长胜预期 维持「买入」看27元
美银证券发表研究报告指,飞鹤(06186.HK)去年度收入及税後净利润按年增长35.5%及89%,撇除一次性收益影响,核心盈利按年升48.5%,表现胜预期,相信是由於毛利率较高的高端婴幼儿配方粉产品销售增长所致。
飞鹤目标2023年销售收入达到350亿元人民币,即2020至2023年收入复合增长约23.5%。美银预期,如果中国配方粉市场规模保持稳定,销售目标350亿元人民币将相当於整体市场份额30%左右,若需求进一步疲弱,将转化为更高的市场份额。
飞鹤并订立2024至2028年销售额复合增长15%的中期目标,美银预期公司加强拓展一、二线城市的高端产品销售,可获得更多市场份额,重申「买入」评级,予目标价27元。
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