招商證券:重申中國飛鶴(6186.HK)“強烈推薦”評級
招商證券報指,中國飛鶴(6186.HK)作為低估值+高股息+高現金的優質資產,是明顯被低估的價值股。公司現金流十分健康,有能力也有意願開拓第二增長曲線,目前初步嘗試兒童奶粉和成人奶粉業務。該行認為,嬰配粉行業寒冬將過,悲觀預期有望反轉,飛鶴渠道健康度依然位居行業第一,主動調整庫存後份額重新提升,盈利能力也將恢復。重申飛鶴“強烈推薦”評級。
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