《大行報告》花旗上調中國飛鶴(06186.HK)目標價至27.3元 評級「買入」
花旗發表報告,指在中國飛鶴(06186.HK)業績電話會議上,管理層重申有信心實現短中長期的收入目標,即相當於2021年的增長率為25%至29%,2022年至2023年的複合增長率為22%至24%,2024年至2028年的年複合增長率為15%。目標價由27.1元微升至27.3元,基於增長穩健及估值低企,重申「買入」評級。
花旗指,中國飛鶴主要的增長動力是持續的市場份額增長、第四階段配方奶粉銷售增長,以及目標下半年推出新的成人配方奶粉。管理層預計第四階段配方奶粉和成人配方奶粉在2023年至少佔集團收入的15%,至2028年佔比將達50%,並預計淨利潤率將保持穩定。
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