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富瑞:H&H國際控股(1112.HK)首季收入遜預期 降目標價至38港元
格隆匯 05-12 13:00

富瑞發表研究報吿指,H&H國際控股(1112.HK)首季收入下降0.7%,遜於市場預期,按同類比較基準按年下降5.9%。該行因原材料價格上漲引致的較低銷售增長和利潤,將其2021至2023年的盈利預測下調5至8%,並將集團目標價由40港元降至38港元,維持買入評級。

管理層指,中國國內嬰幼兒配方奶粉增長將通過在低端城市建立更多嬰兒專賣店和其他線下渠道滲透所推動。另外,由於較高的基數,第二季益生菌的銷售仍將面臨壓力,並在隨後的數個季度逐步恢復。其他兒科產品的銷售將繼續受到折扣減少的影響,但管理層計劃增加其線下渠道的滲透率,料全年可錄正增長。

管理層表示,隨著着基數較低的澳新市場逐步恢復,及集團重新關注本地市場,將有利成人營養及護理用品銷售,並預期新寵物營養及護理用品業務單元將於今年實現高增長,美國和中國都將實現正增長。

集團目標是保持穩定的嬰幼兒配方奶粉的EBITDA利潤率,及提高成人營養及護理用品的利潤。至於新寵物營養及護理用品,管理層的目標是2023年的EBITDA利潤率達到15至20%。

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