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《大行報告》匯豐研究下調中國飛鶴(06186.HK)目標價至26.2元 評級「買入」
阿思達克 08-20 10:28
匯豐研究發表的報告指,中國飛鶴(06186.HK)上半年收入強勁增長33%,主要受惠市場份額提升至18.4%,相信公司可達成今年收入60億元人民幣的目標,加上毛利率穩定,EBIT按年升39%,經調整溢利按年升34%,而經調整淨利潤率則擴闊40個基點至34.3%。該行重申飛鶴股份「買入」評級,目標價由26.9元降至26.2元。 該行指出公司主席於6月份指疫情接種計劃後出生率或跌,市場亦憂慮嬰兒配方價格或受管控,股價之後回落約31%。考慮到出生率去年跌16%,加上疫苗帶來的潛在負面影響,估計嬰兒配方市場將減慢,不過相信公司旗下產品仍有支持,一方面是一至三段產品獲取新客戶,另一方面兒童奶粉方面強勁增長亦有利延長生命週期,所以即使行業增長前景疲弱,該行仍認為公司2021年收入增長可達26%,而2021-23年的年複合增長將為22%,考慮到營銷開支增加,料經調整溢利的年複合增長降至17%,對公司2021年經調整溢利預測大致不變,而2022/23年的估算則下調約6%。(el/u) ~
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