《大行報告》富瑞下調達利食品(03799.HK)目標價3.8元 評級「持有」
富瑞發表報告指,達利食品(03799.HK)去年營運受到疫情影響,預期集團下半年的銷售額及淨利潤將分別下降11%和18%。由於成本壓力緩解和原材料採購得到改善,該行料達利食品的毛利率可能按年有所改善,
由於銷售去槓桿化,費用率可能已經上升。該行將達利食品2022至2023年的每股盈利預測各下調8%及4%,又將目標價由4.1元下調至3.8元,相當今明兩年市盈率各13倍及12倍,維持「持有」評級。
富瑞預計,達利食品旗下飲料及家庭消費業務將受惠於中國重新開放,毛利率將繼續改善。恢復戶外活動或交通將刺激其能量飲料的銷售增長,從而獲得更高的毛利率。該行預計,隨着消費者健康意識的提高,家庭消費將繼續增長。隨着商業環境正常化,其先前爲激勵分銷商和零售商而進行的調整也將在今年發揮更大作用。
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