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《大行報告》摩通下調蒙牛(02319.HK)目標價至44元 評級「增持」
阿思達克 06-07 09:54
摩根大通發表研究報告指出,蒙牛(02319.HK)管理層認為年初至今的業績符合目標,因此維持對今年銷售目標呈雙位數增長的看法,毛利率料擴張30至50點子;預期公司今年下半年表現應較上半年強,主要由於去年公司基數參差;經銷商較為謹慎,因擔心消費者可能會削減預算;暫無大規模投資計劃。 該行對蒙牛維持「增持」評級,估計其將實現銷售增長呈低雙位數的多年目標,經營利潤率擴張30至50點子,主要由於公司執行持續改善;轉向高利潤的產品組合變化有利,持續的新產品發布;通過其與主要上游奶牛場的股權投資和合作,穩定地供應優質原奶。 此外,該行將蒙牛2023至2025年的盈利預測下調3%至5%,對今年公司自然銷售及盈利預測按年增長各7.5%及12%,經營利潤率擴張50點子至6.4%;料公司2023至2025年銷售及盈利的年均複合增長率為10%及18%。對其目標價由46元降至44元。
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