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《大行報告》海通國際首予蒙牛(02319.HK)「優於大市」評級 目標價49.16元
海通國際發表報告指,乳製品已經歷因疫情受益的第一階段、高基數持平的第二階段,未來將進入穩增的第三階段,重回疫前增長中樞。 該行預計,蒙牛(02319.HK)今年至後年營收分別為965.8億、1,095億及1,237億元人民幣,純利為 61.3億、70.5億及82.3億元人民幣,預計今年至後年每股盈利分別為1.55、1.78及2.08元人民幣。 報告指,蒙牛可比公司明年市盈率平均值為18.7倍,但跨行業比較可知白酒/啤酒/調味品龍頭估值最低均值約為25倍,且乳製品業績增速並不低於其他食品飲料龍頭,具有剛需屬性疊加行業量價持續增長,因此給予蒙牛明年25倍市盈率預測,對應目標價為49.16港元,首次覆蓋給予「優於大市」評級。
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