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《大行報告》華泰證券下調蒙牛(02319.HK)目標價至42元 料上半年核心淨利潤按年升6.1%
華泰證券發表研究報告指,預計蒙牛(02319.HK)上半年收入及核心淨利潤分別按年增加7.3%及6.1%,至512億及29.4億元人民幣。如果剔除妙可藍多併表的影響,收入及核心淨利潤預計分別增長2.9及5.8%。該行又預期下半年集團收入有望加快增長,全年收入增4.8%。該行指,需求疲弱亦導致原奶價格走低,預計下半年奶價仍將錄得與上半年接近的中低單位數按年跌幅。蒙牛全年毛利率有望明顯改善,推動營運利潤率達30至50個基點的擴張指引。 該行預計,集團下半年收入內生按年增長由上半年的2.9%加快至7.5%,全年將達成全年指引中高單位數增長的下限,並料明年內生收入將加快至8.7%。該行略微下調集團2023至25年的基本每股盈測至1.53、1.8及2.08元,下調目標價3%至42元,維持「買入」評級。
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