《大行報告》瑞銀下調蒙牛(02319.HK)目標價至55元 評級「買入」
瑞銀發表報告,指蒙牛乳業(02319.HK)在投資者電話會議中提高銷售增長指引,並重申利潤率擴張目標,意味著公司在結構升級、效率提高和成本控制方面具執行力。將2021年至2023年的盈利預測下調2%,以考慮到原材料價格上漲的影響。因此目標價由56元略微下調至55元,預測蒙牛在2020至2023年將實現彈性的盈利增長,料其在2020至2023年盈利複合增長率為29%,重申「買入」評級。
瑞銀指,在業績分析師簡報會上表示,管理層為全年的銷售增長提供了中雙位數(mid-teens)指導,高端產品將是主要的增長動力。管理層預計全年利潤率將高於2019年的5.5%,得益於原奶價格上漲、部分產品在7月加價和結構升級。管理層認為,蒙牛在乳制品行業的關鍵品類中處於有利地位,對公司在2020年至2025年期間銷售規模「翻番」目標充滿信心。
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