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《大行報告》匯豐研究下調旺旺(00151.HK)目標價至6.7元 評級「買入」
阿思達克 01-19 10:18
匯豐研究發表報告指,市場過度擔心中國旺旺(00151.HK)的乳製品銷售,認為在原材料價格下跌和產品價格上漲的環境下,看好集團2023財年的盈利韌性。該行將集團目標價由7.8元下調至6.7元,維持「買入」評級。該行表示,因疫情而引起的供應鏈中斷及庫存增加的情況均已紓緩,而疫情防控措施的調整亦利好集團。該行預計,公司在即將到來的農曆新年期間的銷售將超過市場預期。 該行指,由於低估了疫情及相對較高的庫存對公司銷售的影響,將集團2022財年的收入預測下調7.6%,又將2023及2024財年收入預測分別下調4.5%和2.7%。考慮到原材料成本較高,以及由於毛利較高的乳製品業務收入貢獻較低導致產品結構發生變化,該行將2022財年的毛利率預測下調2.1個百分點,2023及24財年則各自下調1.6個百分點。整體而言,該行將其2022財年的淨利潤預測下調18.9%,並將2023及24財年分別下調10.2%和8.5%。該行又估計,集團2022至2024財年的淨利潤複合年增長率為3%,原先料6%,較2018至21財年的7%低出4個百分點。
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