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《大行報告》高盛下調H&H(01112.HK)目標價至40.2元 評級「買入」
阿思達克 05-13 10:14
高盛發表研究報告,指H&H國際(01112.HK)公布首季銷售表現,自然增長率為5.9%,符預期。其中嬰幼兒營養及護理用品 收入跌2.6%,嬰幼兒配方奶粉收入升9.2%,益生菌補充品收入跌36.6%。該行指,嬰兒營養品銷售持續見增長,市佔率穩定,公司持續擴大銷售店和產品系列,並提供更多回贈及分紅,雖然均價提升,但利潤將有輕微影響,部份抵銷成本壓力。

該行指,成人營養品業務方面,今年將較困難,因高基數以及線上維他命需求增長放慢,但公司正增加日常銷售,以及準備618的購物節,料Swisse China可於第二季回復雙位數增長。

高盛表示,下調對H&H國際2021至2023年每股盈利預期約3%,目標價由42.1元降至40.2元,此相當於預測今年市盈率18倍,評級「買入」。

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