《大行報告》摩通下調蒙牛(02319.HK)目標價至46元 評級「增持」
摩根大通發表報告指,蒙牛(02319.HK)去年銷售及盈利分別增長5.1%和5.5%,表示遜於預期。集團預期今年撇除妙可藍多(600882.SH)後,銷售額增長中高單位數、毛利率擴張、更高的營運支出或銷售額比率、淨利率將擴張30至50個基點。
該行表示,蒙牛目前持有妙可藍多35.01%的股份,並從去年12月開始合併。兩間公司去年在中國奶酪市場的份額達到逾30%。假設妙可藍多2023至2025年的銷售複合年增長率為20%,該行估計,它或會在2025年為蒙牛分別貢獻應佔總收入及盈利的6%和2%。
摩通預計,蒙牛今年的銷售額及盈利將按年分別增長7.5%和17%,2023至2025年的複合年增長率為11%及18%,將蒙牛目標價由49元下調至46元,維持「增持」評級。
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