《大行報告》花旗料蒙牛(02319.HK)第三季純利按年增逾20% 明顯跑贏對手
花旗發表研究報告指,蒙牛乳業(02319.HK)CEO出席投資者交流活動時透露,在市場份額及經營溢利率提升的帶動下,今年第三季收入按年增幅達到高單位數,其中液體奶業務銷售額增幅達中至高單位數,較上半年的按年增長1%有所改善。
該行預測,蒙牛第三季純利將按年增長超過20%,明顯跑贏主要競爭對手。由於蒙牛今年4月至5月基本處理渠道庫存,令第三季庫存水平處於健康狀態,期內高端品牌特侖蘇及基礎白奶產品均錄得雙位數增長,令人驚喜,常溫奶飲料及鮮奶品牌每日鮮語亦實現雙位數增長。冷藏酸奶期內續錄雙位數跌幅,而常溫酸奶銷量下降幅度則較上半年收窄。
花旗表示,看好中國乳業股第四季的防守性表現,預期中國非必需消費品企業可能會受到「雙11」促銷活動折扣高於預期的負面影響,維持目標價58.1元及「買入」評級。
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