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《大行報告》海通國際下調飛鶴(06186.HK)目標價至6.4元 評級「優於大市」
海通國際發表報告指,飛鶴(06186.HK)上半年收入符合預期,利潤則低於預期。上半年公司實現收入97.4億元,按年增長0.6%,雖然去年為低基數,但今年公司仍持續去庫存,收入基本持平;歸母淨利潤17億元,按年下跌24.8%。剔除原生態牧業生物資產減值增量影響,內生歸母淨利潤仍雙位數下降,主因市場競爭激烈,費用仍在高位。 基於競爭激烈程度超預期,海通國際調減盈利預測,預計公司今年至後年營收分別為212.7億/227.4億/245.5億元,前值預測為244.3億/270.7億/300.8億元;純利預測為42.5億/53.7億/59.3億元,前值預測為61.3億/77.2億/86.5億元。每股盈測預測分別為0.47/0.59/0.65元,前值預測為0.68/0.85/0.95元。目標價由7.7元降至6.4元,維持「優於大市」評級。
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