《大行報告》大和上調蒙牛(02319.HK)目標價至60元 評級「買入」
大和發表的研究報告指,蒙牛乳業(02319.HK)公布上半年業績,期內淨利按年升143%至29.5億元人民幣(下同),高於該行預期,主要受惠收入按年增長22%,另外成本管控等亦有效,雖然原奶成本較高,不過毛利率僅按年收窄0.8個百分點,好過該行預期。該行將公司目標價由55港元升至60港元,評級維持「買入」。
該行指出期內公司整體收入按年升22%,主要受惠去年首季基數較低,加上折扣減少、主要產品市佔提升等。按種類劃分,液體奶、雪糕、奶粉及其他產品收入分別升21%、35%、12%及98%,而高端產品、鮮奶及新收購業務快速增長均帶來支持。
儘管原奶成本提升,期內經營利潤率仍擴張2個百分點至3.8%,主要因為疫情未有為上半年帶來壓力,而銷售成本比率按年下跌2個百分點,加上捐款減少等,不過留意到奶粉及其他產品業務上半年現經營虧損,而去年同期則錄微利,相信是受海外業務及部分於去年收購的業務拖累。
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