《大行報告》匯豐研究下調蒙牛(02319.HK)及中國飛鶴(06186.HK)目標價 降H&H國際(01112.HK)評級至「持有」
匯豐研究發表內地奶業報告,雖然原奶價格上漲,不過在一眾消費股中看好蒙牛(02319.HK),相信其今年有能力攻佔市場份額及推高毛利率,預期蒙牛收入今年按年升12%,EBIT毛利率按年擴張45個基點至5.9%,由於疫情持續,下調今年純利預測7.6%,目標價由60.2元下調至59.8元,維持「買入」評級。
至於中國飛鶴(06186.HK),匯豐指其現價太便宜,加上市場已消化業務增長、市佔率及毛利率的下行風險,但競爭激烈導致增長及毛利下跌,將中國飛鶴2021年2022年的淨利潤預測下調11.1%及20.2%,目標價由26.2元下調至15.3元,維持「買入」評級。
匯豐認為,基於嬰兒產品市場放緩,加上H&H國際(01112.HK)產品週期和渠道組合問題,下調H&H國際2022年淨利潤預測分別12%和38%,收入預測分別下調6%和17%,將目標價由32.9元下調至13.2元,評級由「買入」下調至「持有」。(me/k)
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