《大行报告》汇丰研究上调蒙牛(02319.HK)目标价至54.8元 评级「买入」
汇丰研究发表报告指,受惠于液态奶市场份额的强劲增长和新品类的快速增长,预计蒙牛(02319.HK)今年上半年收入将按年增长17%。目标价由51.5元上调至54.8元,相当于2022年的市盈率29倍,评级「买入」。
汇丰研究将今年蒙牛调整后的EBIT利润率由早前预测6.3%下调至5.6%,因考虑到原奶价格和更高的营销成本带来的利润压力,今年的收入预测就提高2.8%,预计将按年增长16.6%,因为市场份额的增长强于以前的预期。因此,该行将今年蒙牛的净利润预测降低11.9%至52.18亿元人民币,预计今年的核心净利润将按年增长70%。在2021年至2023年,预计调整后的息税前利润年复合增长率为22%,收入年复合增长率为13.6%,相信只要原奶价格压力在2022年结束,蒙牛将重回实现利润扩张的轨道上。
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