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《大行報告》花旗一舉降澳優(01717.HK)評級至「沽售」 削目標價至6.3元
阿思達克 07-06 14:14
澳優(01717.HK)發盈警,料截至2022年上半年公司權益持有人應佔利潤約9,500萬元人民幣(下同)至1.6億元,按年減少73.1%至84%。花旗發表研究報告,將澳優2022至2024年各年經調整盈測分別下調41%、38%和34%,預計2022年全年經調整淨利潤按年降37%,收入下降2%,並預計2023年和2024年經調整淨利潤分別按年增長11%和10%,收入分別增長9%和8%。 花旗認為,經下調盈利預測後,澳優估值似乎沒有吸引力,因此將該股評級從「買入」一舉下調至「沽售」, 目標價由10.1元削至6.3元。 花旗對超高檔嬰兒牛奶粉銷售額按年下降約50%至55%感到意外,由於混亂的渠道定價和經營去槓桿,毛利率從2021年上半年的14%大幅收縮至2022年上半年介乎2.8%至4.6%,亦也令人意外。管理層對其他業務板塊仍然充滿信心,尤其是嬰兒羊奶粉,預計2022年下半年收入將按年錄得介乎15%至19%的增長。
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