《大行報告》里昂下調現代牧業(01117.HK)目標價至1.4元 評級「買入」
里昂發表報告,指現代牧業(01117.HK)2022年上半年銷售額按年飆升77%,這得益於銷量增加和飼料銷售強勁,部分被原奶價格按年下降3%所抵銷,毛利率收縮,受累原奶價格下跌、飼料成本上升和飼料業務毛利率攤薄。該行將現代牧業2022至2024年銷售額預測上調22%至25%,但將2022至2023年盈利預測下調10%至23%,目標價從1.8元下調至1.4元,維持評級「買入」。
里昂認為,中國現代牧業在行業中營運效率最強,受惠於其強大的技術知識和持續提升規模經濟。
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