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麥格理:重申蒙牛(2319.HK)跑贏大市評級 目標價升至56港元
格隆匯 07-23 13:00

麥格理髮表研究報吿表示,將蒙牛乳業(2319.HK)目標價由54港元升至56港元,重申跑贏大市評級。

報吿指,在強勁的需求下,預計蒙牛上半年的收入增長17.8%,比市場預期高1%。由於低基數效應下,營業利潤╱利潤增長逾倍以上;由於原奶價格上漲超過15%,上半年毛利率承壓,預計毛利率在5.6%;但表示強勁的收入抵消了成本壓力。

報吿指,由於對液態奶需求強勁,將未來3年年收入預測上調0.7%,但由於毛利率的壓力,將淨利潤預測下調11.6%至14.1%。

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