《大行報告》匯豐研究上調蒙牛(02319.HK)目標價至60元 評級「買入」
匯豐研究發表報告指,蒙牛(02319.HK)今年上半年業績強勁,銷售及稅前利潤分別較該行預期高出4.5%及3.8%。蒙牛計劃2025年收入倍增,即2020年至2025年複合年增長15%,該行相信公司管理層執行能力穩健,有望達標。
原奶價格按年上升15%,令蒙牛上半年毛利率受壓4個百分點,匯豐研究稱,幸好公司產品組合較豐富,上半年毛利率僅下跌0.8個百分點至38.2%,相信下半年可達成該行對其毛利率改善的預測,維持「買入」評級,目標價由54.8元上調至60元。
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