《大行報告》瑞銀下調蒙牛(02319.HK)目標價至47.42元 評級「買入」
瑞銀發表報告指,蒙牛(02319.HK)正在將其戰略重心,從銷售增長轉向利潤率擴張。考慮到集團已經建立了規模龐大但盈利能力較低的乳製品業務,認為戰略升級非常重要,這將帶來更好的質量以及更可持續的長期盈利增長。
該行蒙牛重申「買入」評級,目標價由49.92元下調至47.42元,並將2023至24年的淨利潤預測下調4至6%,分別至64億元人民幣及75億元人民幣。
瑞銀表示,蒙牛管理層指引2023財年實現中高單位數增長和30至50個基點的核心息稅前利潤率擴張。銷售指引低於市場預期,市場預期可能處於高單位數至雙位數的增長。公司管理層認為,該目標旨在避免產生主要由價格促銷驅動的低質量銷售。管理層預計優質產品將繼續成為公司主要的增長動力。由於產品組合升級和促銷減少,其毛利率將在今年提升。
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