《大行報告》摩通下調達利食品(03799.HK)目標價至5.2元 評級「增持」
摩通指達利食品(03799.HK)2021年銷售額增長6.4%,符合預期,收益下降3.2%,跌幅略高於預期。由於投入成本通脹等,利潤率下滑170個基點至16.7%。雖然短期成本有壓力,但達利在新鮮麵包(銷售急升34%,同店銷售升16%)和豆漿(升17%主要來自同店銷售)業務實現快速增長。
該行預計,達利2022年銷售額及盈利將增長7.6%及4.2%,淨利潤率下降50個基點至16.2%,將目標價由5.8元下調至5.2元,評級「增持」。
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