《大行》高盛維持蒙牛(02319.HK)「買入」評級 降未來三年銷售預測
高盛發表研究報告指,蒙牛(02319.HK)旗下現代牧業(01117.HK)日前發盈警,預料今年上半年淨虧損將介乎8億至10億元人民幣,較去年同期的虧損約2.07億元人民幣顯著擴大,主因為原奶價格低迷所引致的生物資產減值。
現代牧業管理預期隨著下半年供應持續減少,行業將築底。高盛將蒙牛2025年聯營公司分攤虧損預測從4.15億元人民幣調整至7.34億元人民幣,考慮到市場需求仍然疲弱,預期今年全年液態奶銷售將按年下跌約3%,對比上半年跌約5%。高盛並將蒙牛2025至2027年銷售預測下調約2%,經常性淨利潤下調約1%,目標價從23元調整至22.8元,認為蒙牛具利潤率韌性及成本優勢,維持「買入」評級。
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