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研報掘金丨東方證券:維持新乳業“買入”評級,目標價17.16元
格隆匯 02-20 16:02

東方證券研報指出,新乳業(002946.SZ)首次中期分紅,重視股東回報。公司上市後首次實施中期分紅方案,向全體股東每10股派發現金紅利0.35元(含税)。預計24年全年分紅頻次、分紅率均提升,股東回報預期提升。公司五年規劃提出淨利率倍增,其中一個重要抓手是降低負債率及財務費用率,因此對現金流有一定佔用。長期來看,公司分紅率有較大提升空間。預計25年奶價或仍有小幅跌幅,公司將繼續享受成本紅利;產品結構仍在持續升級中,或繼續貢獻毛利率增長;預計25年淨利率將同比正增長。此外,公司重視研發,積極推新,新品維持雙位數以上收入佔比,有利於提升公司市場競爭力。結合可比公司,該行認為目前公司的合理估值水平為2025年的22倍市盈率,對應目標價為17.16元,維持“買入”評級。

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