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《大行報告》大和下調達利食品(03799.HK)目標價至5.1元 評級「買入」
阿思達克 01-20 13:56
大和發表研究報告,指出近期內地消費情緒疲軟,加上原材料成本不斷上漲,對達利食品(03799.HK)去年下半年淨利潤造成壓力,雖然期內豆漿及短保質期麵包等新業務收入持續增長,但毛利率較上半年進一步惡化,相應將其2021至2023年收入預測下調4%至6%。 該行預期,去年第三季食品業務價格上漲,導致分銷商加快去庫存,同時疫情令飲料銷售疲軟,預計下半年的毛利率壓力將持續存在。展望今年,大和預計假如達利無法通過提價轉嫁今年上半年的成本壓力,較高的投入成本將是2022年所面臨的主要挑戰,將2021至2023年每股盈利預測下調14%至15%,目標價由6元降至5.1元。 大和指,家庭消費品及能量飲料仍將是收入快速增長的主要驅動力,預計達利2021至2023年收入年複合增長率約為7%,略高於2021年度的5%,營業利潤率穩定保持22%左右。該行補充,達利擁有多元化的收入組合,線上銷售渠道佔比提升,低線城市收入佔比較外國品牌高,加上具有競爭力的定價策略,預期將有助於提升市場份額及應對高成本壓力,重申「買入」評級。
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