华泰证券:维持现代牧业(1117.HK)买入评级 目标价3.2港元
华泰证券研报指,现代牧业(1117.HK)去年税后利润增长124%至7.84亿元人民币,超过盈利公告中给出的不低于7亿元的税后利润预测,公司管理层指受限于牧群规模增长速度,原奶供应增长缓慢,预计原奶价格将持续上涨。同时,随着人们健康意识的增强,原奶需求将保持强劲。该行维持基于DCF估值的目标价3.2港元,以及买入评级。
该行预计,由于奶价提高和产量增加,2021及2022年度收入按年增长11及10%,至67及73亿元人民币。该行预计2021及2020年的净利润为891及11亿元人民币,相当于13.4及15%的净利率。

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