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《大行报告》花旗微升澳优(01717.HK)目标价至13.82元 首季核心盈利胜预期
阿思达克 05-13 14:33
花旗发表报告,指澳优(01717.HK)首季核心盈利胜预期,其中牛奶奶粉销售增长36%,抵消了羊奶奶粉销售下降的7%,两者都好於预期。就牛奶奶粉而言,超高端系列(Hyproca 1897)继续表现出色,今年首季销售增长59%。

销售前景方面,该行指,管理层维持今年收入15%增长目标,其中牛奶和羊奶奶粉销售都有两位数的增长,并预计今年全年利润率将恢复到2019年约52.5%的水平,原因包括销售组合转向高利润产品及将副产品加工成增值产品。

花旗维持对澳优2021至2023年度的收入增长分别为15%、14%、11%预测,及维持核心盈利分别增长21%、11%和11%预测。目标价由13.7元轻微上调至13.82元,相当於预测2021年市盈率15倍。

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