《大行報告》瑞銀下調蒙牛(02319.HK)目標價至53元 評級「買入」
瑞銀發表研究報告,預計蒙牛乳業(02319.HK)今年上半年銷售額將按年增長4%,達到477億元人民幣,核心息稅前利潤(EBIT)按年下跌11.5%至25億元人民幣,淨利潤則跌8%至27億元人民幣。
上半年增幅低於管理層全年增長指引,該行認為主要由於3月至4月份部分城市的封城措施、競爭加劇和高基數的影響,預計增長將在下半年逐步恢復,令全年銷售額或按年增長10.5%,核心EBIT增長4.1%。
瑞銀維持對蒙牛的「買入」評級,指出公司首季實現高單位數增長,但由於疫情影響,第二季增長放緩至低單位數。因為上半年增長放緩,該行並將2022至2023年淨利潤預測下調11%,目標價由58元降至53元。
但瑞銀強調放緩屬暫時,估計蒙牛下半年銷售增長將在市場需求恢復及基數較低的情況下加速。
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