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研報掘金丨華泰證券:予聖農發展目標價29.94元,維持“買入”評級
華泰證券14日研報指出,聖農發展(002299.SZ)7月銷售雞肉10.7萬噸、同比增加1.8%,調理品3.0萬噸、同比增加26%;公司雞肉溢價優勢明顯,雞肉銷售均價降幅小於行業平均水平。該行維持盈利預測,預計公司2023/24/25年歸母淨利潤分別為11.9/30.6/38.1億元,其中2024年生肉、調理品、父母代雞苗外銷分別貢獻盈利21.2、7.62、0.80億元。參考可比公司Wind一致預期,考慮到聖農父母代雞苗前期或以促銷提升市佔率為主策略、調理品業務C端淨利率或持續改善,該行對聖農2024年生肉和父母代雞苗業務盈利給予10x PE、調理品業務盈利給予20x PE,對應目標價29.94元,維持“買入”評級。
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