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《大行報告》匯豐研究恢復蒙牛(02319.HK)「買入」評級 目標價34元
阿思達克 07-24 13:47
匯豐研究發表報告指,內地液體奶行業今年需求較預期弱,而且今年缺乏農曆新年的銷售貢獻,行業雖然仍可以透過提升滲透率和高端化實現韌性增長,但全年表現將較爲疲弱。該行預計蒙牛乳業(02319.HK)今年撇除併購影響,內生收入將會錄得中單位數增長,是集團增長目標的下限,又料增長將在明年變得正常化至7%。 該行表示,蒙牛的目標是在覈心營運利潤上達到每年30至50個基點的利潤率擴張。該行相信,雖然原奶價格下跌,令增長面臨阻力,但集團今年仍然有望實現這個目標,又預計毛利率將按年增長100個基點至36.3%。該行預期,集團的自由現金流複合年增長率將會是22%,又認爲其有潛力提高派息以提升股東回報。 該行恢復予蒙牛(02319.HK)「買入」評級,予目標價34元。
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