《大行報告》里昂下調中國飛鶴(06186.HK)目標價至6.8元 評級「跑贏大市」
里昂發表評級報告指,中國飛鶴(06186.HK)去年銷售額符合該行預期,惟淨利潤率均低於公司目標及該行預期。展望未來,該行認為,即使公司透過折扣而緩解去庫存壓力,但由於結構性產品組合變化、營銷投資需求更高、線下活動和線上擴張,故對其利潤率持謹慎態度。
該行指,管理層料今年銷售按年升雙位數,並認為這並不難實現,主要是考慮到去年採取去庫存策略對銷售額帶來的負面影響。該行將公司今年及明年純利預測分別下調12%及16%,同時將其目標價由8.6元下調至6.8元,維持其評級為「跑贏大市」。(ca/k)
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