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《大行報告》華興證券降萬洲(00288.HK)目標價至8.15元 今年業績有望強勁反彈
阿思達克 01-18 11:22
華興證券發表報告,預計萬洲(00288.HK)2023年經營利潤按年下降29.3%,主要歸因於北美豬肉業務虧損。該行預計,2023年萬洲國際北美業務經營利潤按年下降71.9%,但預計其中國業務保持穩定,經營利潤僅按年下降3.4%,這主要是由於人民幣貶值抵銷國內豬肉低價帶來的好處。 該行指,2023年首三季,萬洲國際歐洲業務表現優於其他地區,預計第四季及全年亦是如此,這主要得益於肉製品銷量和售價強勁增長。該行預計,2023年萬洲國際實現淨利潤7.36億元人民幣,按年下降47%,主要是美國豬肉業務疲軟,以及2023年關閉部分美國生豬養殖場帶來的約2億美元一次性損失。 該行預計,其美國業務將於2024年復甦,並預測全年淨利潤按年大增50.5%。該行預計,北美上游生豬養殖業務的壓力將減輕,並預測北美豬肉業務的總虧損將收窄至3.27億美元。該行認為,在能繁母豬供應依然充足的情況下,中國的生豬和豬肉價格至少在今年上半年有望維持在較低水平。受益於中美兩國生豬或豬肉價格疲軟,該行預計萬洲國際肉制品業務的經營利潤率將維持在健康水平。 該行將集團2023年至25年營收預測下調6.4%,以反映中美兩國豬肉或生豬價格疲弱的持續時間久於預期,同時將在2023年至25年調整後淨利潤預測下調1.9%至12.7%,該行將其目標價由9.7元下調至8.15元,維持其評級為「買入」。(ca/k) ~
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