《大行报告》瑞银首予飞鹤(06186.HK)及澳优(01717.HK)「买入」评级 H&H(01112.HK)评级「中性」
瑞银发表报告,指飞鹤(06186.HK)为内地销量第一的婴幼儿配方奶粉营运商,2017至2020年销售额的复合增长率为46%。市场份额从2017年的7%上升至去年的15%,主要由於在执行、渠道和品牌方面具优势。
瑞银看好飞鹤的市场份额增长,预计其2020至2023年度将实现24%的销售复合增长率。随着营运效率的提高,飞鹤将保持目前的高利润率,认为目前的估值未反映其强大的长期增长潜力,因此给予「买入」评级,目标价为30.60元,相当於2021和2022年预测市盈率分别为30倍和25倍。
另外,该行认为澳优(01717.HK)未来三年将重回高增长轨道。澳优是国内领先的婴幼儿配方奶粉公司,按去年的销售额计算,其配方羊奶粉及配方牛奶粉,分别占有40%和3.9%的市场份额,预计2020至2023年配方羊奶粉及配方牛奶粉年复合增长率分别为11%及20%,并预计同期净利润将达到21%的年复合增长率,并在2023年度达到17.84亿元人民币,给予「买入」评级,目标价为15元。
该行同时给予H&H(01112.HK)「中性」评级,目标价31.7元,认为其业务比内地其他婴幼儿配方奶粉公司更多元化,在多个产品类别建立品牌,包括婴儿营养品、婴儿护理品、成人营养品、化妆品和宠物营养品,加上向海外扩张行动,预计将推动其中期销售增长,但由於新渠道和新品类的营销支出增加,可能令利润率面临压力,预测2020至2023年度的销售和净利润年复合增长率分别为9.7%和8.5%。
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