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《大行》花旗降中國飛鶴(06186.HK)評級至「中性」 目標價下調至5.5元
阿思達克 07-07 12:01
花旗發表研究報告指,中國飛鶴(06186.HK)發布2025年上半年盈利預警,預計收入按年跌8%至10%至91億至93億元人民幣,淨利潤按年下降37%至47%至10億至12億元人民幣,低於該行預期,認為其表現疲弱主要由於嬰兒配方奶粉(IMF)品牌在需求疲弱下推出的補貼計劃帶來的意外競爭,導致銷售下降。 鑒於中國飛鶴股價或因其疲弱財報表現出現負面反應,以及國家育兒補貼政策刺激有限情況下,花旗將中國飛鶴評級從「買入」降至「中性」;又因中國飛鶴收入下降9%至14%、政府補助減少、以及毛利率和營運利潤率假設較弱的因素,花旗將其2025至2027年盈利預估下調26%至35%,目標價從7.1元下調至5.5元,基於2025年預估市盈率14倍。 花旗表示,儘管中國飛鶴管理層預計渠道庫存調整將於2025年第三季完成,並於2025年全年營收將實現低個位數成長。但花旗認為,這預示2025年下半年的雙位數收入增長存有挑戰性。
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