《大行报告》高盛下调H&H(01112.HK)目标价至40.2元 评级「买入」
高盛发表研究报告,指H&H国际(01112.HK)公布首季销售表现,自然增长率为5.9%,符预期。其中婴幼儿营养及护理用品 收入跌2.6%,婴幼儿配方奶粉收入升9.2%,益生菌补充品收入跌36.6%。该行指,婴儿营养品销售持续见增长,市占率稳定,公司持续扩大销售店和产品系列,并提供更多回赠及分红,虽然均价提升,但利润将有轻微影响,部份抵销成本压力。
该行指,成人营养品业务方面,今年将较困难,因高基数以及线上维他命需求增长放慢,但公司正增加日常销售,以及准备618的购物节,料Swisse China可於第二季回复双位数增长。
高盛表示,下调对H&H国际2021至2023年每股盈利预期约3%,目标价由42.1元降至40.2元,此相当於预测今年市盈率18倍,评级「买入」。
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