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一文了解大行於蒙牛(02319.HK)公佈業績後最新評級、目標價及觀點
蒙牛乳業(02319.HK)今早股價造好,盤中曾高見47.2元一度彈高7.8%,最新報45.05元升2.9%。裏昂表示蒙牛上半年收入按年升22%優於市場預期,指強勁表現主要受惠於液態奶及雪糕產品的表現,指中期核心營運毛利率持平符合市場預期,重申其爲行業首選。而瑞銀估計市場對蒙牛業績反應正面,因收入優於市場預,核心EBIT符合預期,料原奶價格將成主要影響因素,並估計其毛利率可藉產品組合及提升效益得到改善,重申「買入」評級。 蒙牛昨日(25日)收市後公佈中期業績,純利按年升1.43倍至29.47億元人民幣,每股盈利0.748元人民幣,維持不派中期息。。期內收入按年升22%至459.05億元人民幣,液態奶業務收入按年升21%至394.48億元人民幣,冰淇淋業務收入按年升35%至30.04億元人民幣,奶粉業務收入按年升12%至25.47億元人民幣。受原料鮮奶價格按年上升影響;集團整體毛利率較去年同期下降0.8個百分點至38.2%。 【收入勝於預期 觀望銷售目標】 美銀證券表示,維持對蒙牛「買入」評級及56元目標價,基於公司旗下產品高端化、渠道滲透及市佔擴大,兼且短期市場競爭理性及估值合理。該行指蒙牛中期經營溢利率與2019年同期大致持平,收入錄高雙位數增長乃超出預期,怛毛利率遜預期,較2019年同期跌85點子,受累於原奶價格壓力。該行關注公司對下半年業務展望、新冠變種Delta疫情下對需求的影響、未來競爭環境、原奶價格走勢及策略更新。 花旗指出,蒙牛中期收入增長亮麗,受消費者需求推動,尤其在新冠疫後消費者更注重健康。其於多個產品類別的持續性市佔擴張,以及在新分銷渠道的主動性擴長,包括線上到線下及到戶派送,亦推動收入增長。該行關蒙牛注管理層對全年銷售及毛利率的最新預估,行業競爭狀況及對新業務的策略,尤其是芝士類別於投資妙可藍多(600882.SH)後的發展。該行給予蒙牛目標價55.05元,評級「買入」。 -------------------------------------------------- 本網最新綜合5間券商對蒙牛投資評級及目標價: 券商│投資評級│目標價 裏昂│買入│60元 美銀證券│買入│56元 瑞銀│買入│56元 花旗│買入│55.05元 大和│買入│55元 券商│觀點 裏昂│業績體面地勝預期 美銀證券│收入勝預期,惟毛利率遜預期 瑞銀│中期業績符預期 花旗│中期純利及收入勝預期,維持「買入」評級 大和│中期業績勝預期,受惠成本節省
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