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《大行報告》美銀證券下調中國飛鶴(06186.HK)目標價至6.5元 評級「中性」
阿思達克 04-03 14:16
美銀證券發表研究報告指,中國飛鶴(06186.HK)去年收入跌6.4%,除稅後淨利潤跌28%,大致符合市場預期。集團的目標是在今年實現雙位數的收入和盈利增長。主要推動因素將是嬰兒配方奶粉市場份額的持續增長和成人配方奶粉的加速增長。中期而言,由於嬰幼兒配方奶粉行業處於逆風,產品種類多元化可能爲集團帶來上行空間。公司正準備進軍保健食品和成人營養品領域,雖然細節尚未公佈,但料在生產和分銷方面可能有潛在的協同效應。 該行下調集團2023及24財年的每股盈測7%及6%,主要是考慮到審慎的利潤率假設、負面的產品組合及投資需求增加,部分被正常化的促銷費用和恢復經營槓桿所抵銷。該行將目標價下調6%至6.5元,重申「中性」評級。
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