《大行報告》美銀證券:飛鶴(06186.HK)核心盈利增長勝預期 維持「買入」看27元
美銀證券發表研究報告指,飛鶴(06186.HK)去年度收入及稅後淨利潤按年增長35.5%及89%,撇除一次性收益影響,核心盈利按年升48.5%,表現勝預期,相信是由於毛利率較高的高端嬰幼兒配方粉產品銷售增長所致。
飛鶴目標2023年銷售收入達到350億元人民幣,即2020至2023年收入複合增長約23.5%。美銀預期,如果中國配方粉市場規模保持穩定,銷售目標350億元人民幣將相當於整體市場份額30%左右,若需求進一步疲弱,將轉化為更高的市場份額。
飛鶴並訂立2024至2028年銷售額複合增長15%的中期目標,美銀預期公司加強拓展一、二線城市的高端產品銷售,可獲得更多市場份額,重申「買入」評級,予目標價27元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.