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《大行报告》大和下调H&H国际(01112.HK)目标价至39元 评级「买入」
阿思达克 03-24 10:39
大和发表研究报告,指H&H国际(01112.HK)经调整纯利去年升10%至11.8亿元人民币,符市场预期,但逊该行预期,主因更高的销售开支,以及不利的地缘组合,不过被去年下半年销售势头加快所部分抵销。公司澳纽成人营养产品疲弱,拖累收入与利润率。末期息39仙,意味派息比率48%。

该行指出,在低基数及经营杠杆下,今年H&H国际收入增长料复苏。大和预期其成人营养品业务将於今年增长10%,受内地市场增长与澳纽市场复苏拉动,而婴儿营养品收入则受惠配方奶销售支持,以及内地有更多销售点与新产品研发;毛利率料於2021至2023年持平,因收入组合中,成本较高的产品如婴儿配方羊奶占比或进一步增加,大和升其2021至2022年收入预测0.3%至0.5%,今年每股盈测降9%,反映销售开支增加,明年则升4%,以反映新宠物营养及护理用品业务单元(PNC)收入贡献,目标价由40元降至39元,评级「买入」。

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