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大和:重申對蒙牛乳業(2319.HK)買入評級 目標價55港元
格隆匯 05-12 13:05

大和發表報吿指,蒙牛乳業(2319.HK)年初至今的收入有望達到公司預期增長雙位數的目標,首季毛利率亦受惠於較好的產品組合,惟料次季原奶成本將有上升壓力,而公司亦計劃擴大貝拉米的銷售網絡及成人配方業務,使奶粉業務收入按年增長20%,重申對其買入評級,目標價為55港元。

大和表示,管理層料原奶成本將持續上升,或不利次季毛利率表現。公司在去年第四季將UHT奶產品的銷售均價上升3至5%,若奶價續上漲,蒙牛不排除今年亦會加價。公司又指,受惠於產品組合升級和渠道滲透度有改善,今年以來銷售勢頭較去年下半年為強;而面對原奶價格較高,公司亦已減少促銷和優惠。

大和又指,蒙牛目標貝拉米及雅士利(1230.HK)今年收入均按年增長20%。由於代購銷售下降,貝拉米今年首季澳洲業務仍疲弱,但跨境電商及中國線下銷售增長強巧,至於雅士利去年下半年收入增長勢頭持續至今年,尤其是成人配方奶粉。

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