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《大行報告》瑞銀下調蒙牛(02319.HK)及飛鶴(06186.HK)目標價 評級「買入」
瑞銀發表報告指,相信市場低估內地乳業市場的長期增長,以及利潤率改善的能力,與全球同業比較,內地乳業龍頭的利潤率有顯著提升的空間,預期蒙牛(02319.HK)及伊利(600887.SH)今年進入新的增長周期,經營利潤率以年度計將提升30至50點子,股息率得以提升。 因應消費市場復甦較預期緩慢,出生率亦較預期低,該行調低蒙牛、伊利及中國飛鶴(06186.HK)2023年至2025年的每股盈利預測,同時調低目標價,其中蒙牛由47.42元下調至27.5元,中國飛鶴由7.5元下調至5.3元,評級均為「買入」。不過該行認為,去年內地乳業放緩只屬周期性,預期將出現需求復甦,而企業轉向策略性聚焦亦將帶動評級重估。
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