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《大行報告》瑞銀下調中國飛鶴(06186.HK)目標價至12元 評級「買入」
阿思達克 04-13 10:12
瑞銀髮表研究報告指,中國飛鶴(06186.HK)年初至今的增長減速,相信主要由於需求下降及公司積極出貨,以維持健康的渠道庫存。受惠於飛鶴較高的品牌知名度及強大的渠道控制力,預計未來公司渠道去庫存後增長將加快,同時市場需求趨穩定,行業整合改善,都將推動其長期增長,對飛鶴長期發展持樂觀態度。 但該行將飛鶴2022至2024年各年每股盈測下調19%至26%,以反映渠道去庫存、2021至2022年出生人數下降,以及飛鶴產品組合導致的利潤率收縮,以現金流折現率計,目標價從20元下調至12元,評級「買入」。 瑞銀同時預期中國飛鶴渠道去庫存見成效,將推動今年銷售額及淨利潤按年增長8.3%及5.4%,預測2023至2025年銷售額年均複合增長10.5%,淨利潤複合增長9.7%,認爲市場過度關注近期銷售下滑,但低估了飛鶴市場份額長期增長潛力。
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