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《大行報告》瑞信降達利食品(03799.HK)目標價至5.6元 評級「跑贏大市」
阿思達克 01-24 11:51
瑞信發表研究報告指,達利食品(03799.HK)的家庭消費細分市場和能量飲料增長勢頭持續,當中能量飲料、短保質期麵包及植物性飲在去年第四季收入料繼續錄得按年雙位數增幅,但按季比較增長或略有放緩。 瑞信指,去年7至8月達利休閑食品提價後銷售渠道出現去庫存,因此預期去年下半年該業務收入將按年下跌,全年跌幅料達低單位數。估計去年下半年毛利率壓力將有所上升,預測2021年全年毛利率將收窄2至3個百分點,但相比第三季,預期第四季的按年跌幅收窄。 該行表示,由於收入減少及毛利率受壓預期,將2021至2023年的盈利預估削減7%至10%,估計並去年全年收入將按年增長6%,淨利潤則下跌2%,預測今明兩年收入各增長6%,淨利潤升7%及8%,目標價由6元降至5.6元,維持「跑贏大市」評級。
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