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《大行報告》瑞信首予優然牧業(09858.HK)「跑贏大市」評級 目標價7.5元
優然牧業(09858.HK)聯席保薦人瑞信發表報告表示,首予優然牧業「跑贏大市」評級,目標價7.5元,相當於明年預測企業價值對稅息折舊及攤銷前盈利(EBITDA)約8倍,與同業歷史均值相若。 該行稱,優然牧業是內地上遊奶行業龍頭,具綜合業務模式覆蓋不同業務板塊,涵蓋原奶生產、牛隻喂飼、配種等。 瑞信稱,優然具良好定位擴大其放牧規模,隨着不同業務的協同效應,以及下遊需動帶動未來兩年原奶價格上升預期,奶收益率料改善;其2020至2023收入年均複合增長料達17%,純利年均複合增長料達28%。 該行表示,優然與伊利集團(600887.SH)的緊密關係料支持前者穩定原奶需求展望,賦能公司渡過外圍與原奶價格週期相關的波動。即使投入成本顯着上升,上半年優然毛利率仍堅韌,反映其有能力轉嫁成本壓力,以及透過綜合業務模式,改善併購對象的收益率。
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