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《大行報告》摩通上調蒙牛(02319.HK)目標價至54.5元 評級「增持」
阿思達克 08-27 10:40
摩根大通發表研究報告指,蒙牛乳業(02319.HK)上半年銷售額及盈利分別按年增長22.3%及143%,超出市場預期增長18%及130%。 該行估計,蒙牛銷售額及盈利2019年上半年至2021年複合增長率達15.2%及18.6%,銷售表現強勁來自於產品組合升級,帶動銷售均價增長6%及毛利率提升3.2個百分點,但原奶價格上升15%亦對上半年毛利率造成4個百分點影響。 摩通指,蒙牛7月上調平均售價,緩解成本壓力,看好下半年利潤率前景更好,維持將蒙牛列為消費行業的「增持」首選,認為下半年倘疫情變種病毒繼續爆發,產品需求將更具彈性且能見度更高,加上行業監管風險相對較低。該行將目標價由53.5元升至54.5元,維持「增持」評級。
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