《大行報告》大摩下調維他奶(00345.HK)目標價至13.1元 評級「減持」
摩根士丹利發表報告指,根據市場資料,中國飲品市場規模至2025年料達7,310億元人民幣,年均複合增長率穩定於4.6%。由於競爭加劇,行業大型企業正擴展產品組合及推出新品牌。
該行表示,維他奶(00345.HK)於2012年進入內地市場,業務增長穩健,於2015年至2019年的收入年均複合增長率為8.3%,主要受惠於拓展產能及分銷渠道。於今年,內地銷售貢獻集團總銷售的67%。
不過,大摩認為競爭劇烈將為集團在內地進一步增長帶來挑戰,而大豆價格飆升亦會對成本構成壓力,將其2022及2023財年盈利預測分別下調83%及30%,至6,800萬元及4.66億元,兩年收入按年增長則料為2%及14%。該行同時下調維他奶股份目標價,由19.1元降至13.1元,評級維持「減持」。
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