《大行報告》裏昂引述蒙牛(02319.HK)指今年可達銷售增長目標 料毛利率有上升空間
裏昂發表報告表示,蒙牛乳業(02319.HK)管理層近日參與該行的投資者電話會議,引述蒙牛管理層表示有信心通過改善產品組合,以實現2021財年介乎14%至16%(mid-teen)銷售增長目標,並在未來中期會進一步擴大利潤率。
該行認爲,由於近期內地消費疲軟、以及新冠大流行的不確定性上升,料對健康食品的需求會加快,指蒙牛持續的結構改善及公司強大管理能力,料蒙牛是食品行業中最具防禦性的公司之一,該行維持對蒙牛「買入」建議,維持目標價60元。
裏昂引述蒙牛管理層指,2021財年銷售目標是年實現介乎14%至16%(mid-teen)增長,此意味着今年下半年將實現低兩位數的增長;蒙牛預計公司增長可高於行業,主要受到鮮奶、奶酪和冰淇淋業務推動。
至於利潤率和成本方面,蒙牛管理層認爲,在產品和類別組合改進的推動下,料毛利率仍有改進空間。監於全球領先同業的利潤率更高,管理層認爲利潤率有進一步擴張的潛力。
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