《大行報告》高盛下調蒙牛(02319.HK)目標價至51.3元 評級「買入」
高盛發表報告指,對於蒙牛(02319.HK)上半年業績持建設性看法,而鑑於公司繼續加強其優質產品、於縣或農村市場推出室溫產品,同時擴大鮮奶業務的規模,料公司將繼續在液態奶業務上,獲更多市場份額。該行預計,公司下半年銷售按年增12%,推動全年按年增8%,當中液態奶銷售擴張最顯著。
該行表示,即使蒙牛管理層仍維持全年營運利潤率的目標為擴大20至30個基點,但在消費疲軟下,成本及競爭等不確定因素均仍存在,該行料公司下半年營運利潤率按年持平,達4.9%,全年則按年跌40個基點,至5.1%。
高盛表示,將蒙牛今年至2024年各年每股盈測分別升1%、降4%及降7%,以反映投入成本上升及嬰兒配方奶盈利疲弱,並將其目標價由54.9元下調至51.3元,維持其評級為「買入」。
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