《大行報告》富瑞降達利食品(03799.HK)評級至「持有」 目標價下調至4.5元
富瑞發表報告,預料達利食品(03799.HK)今年上半年銷售額按年跌7.2%至105億元人民幣(下同)、純利則按年跌17.5%至17億元;該行表示,次季銷售表現主要受疫情影響物流、消費氣氛及渠道分銷等因素影響,並指由於原材料成本上升及不利的產品組合,該行預料公司毛利率下跌3個百分點。
該行表示,考慮到疫情令銷售增長放慢、加上因原材料成本壓力和經營去槓桿以致利潤率降幅大過預期等因素,該行將公司在2022年至2024年盈利預測下調9%至12%。
該行表示,從中期來看,由於原材料價格壓力有望放緩,令利潤率持續改善,料公司銷售可維持中單位數增長。該行將其目標價由5.4元下調至4.5元,相當於公司預測今年15倍及明年14倍市盈率,與同行表現一致,並將其評級由「買入」下降至「持有」。
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