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《大行報告》大和上調達利食品(03799.HK)目標價至6元 評級「買入」
阿思達克 08-30 11:19
大和發表研究報告指,達利食品(03799.HK)上半年純利按年增長7%,高於該行預期的下跌1%,主要來自於期內收入按年增長11%,當中食品及飲料業務表現均勝預期,重申「買入」評級。 該行指出,豆奶品牌DBD及保質期短的麪包對提高渠道滲透率作出較大貢獻,推動食品收入按年增長31%,然而食品業務毛利率降至44.5%,盈利能力低於飲料業務。該行指,飲料產品組合調整,帶動毛利率輕微改善至50%。零食收入表現持平,由於投入成本上升,毛利率按年下降1.9個百分點至35.3%。 大和指,達利食品通過渠道調整,將上半年能量飲料和零食有效平均售價提升5%至6%,提振公司和分銷商毛利率,推動銷售額增長。考慮到上半年業績表現高於預期、價格提升及新產品推出,大和將2021至2023年收入預測提高2%,每股盈測提升4%至6%,目標價由5.9元上調至6元。
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