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《大行報告》大和下調澳優(01717.HK)目標價至12.5元 評級「買入」
阿思達克 03-30 14:29
大和發表研究報告指,澳優(01717.HK)管理層透露今年羊奶嬰兒配方粉(IMF)業務收入增長目標為低雙位數,牛奶IMF增幅預期達到中單位數,營養產品則料錄得雙位數強勁增長,更嚴格監管政策及出生率下降將推動行業加快整合,可能有助於澳優取得更多市場份額。 大和指,澳優今年計劃推出第四階段兒童配方奶粉及羊奶細分市場的成人配方奶粉,目標在今年底前完成註冊,並確保產品符合新標準和要求,預期今年在外匯走勢有利、較低撥備及產品組合改善下,毛利率可望提升。 該行將澳優2022至2023年每股盈利預測分別下調19%和23%,以反映今年牛奶IMF業務收入目標較低,目標價從14.5元下調至12.5元,對應今年預測市盈率約14倍。大和表示,考慮到澳優在羊奶IMF市場的領導地位,以及從海外獲得原材料的渠道,對其在中國長期潛在市場份額增長看法更為樂觀,並看好司與伊利享有原材料採購、共享分銷渠道和營銷資源等的協同效應,維持「買入」評級。
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