《大行》中銀國際降蒙牛(02319.HK)目標價至16.8元 下調評級至「持有」
中銀國際發表研究報告指,蒙牛(02319.HK)上半年淨利潤按年下降16.4%,收入跌6.9%,遜於預期。雖然核心經營溢利率按年擴張1.5個百分點,但管理層下調2025財年指引,最新預測收入按年錄中至高單位數跌幅,核心經營溢利率按年持平。
中銀國際表示,考慮到液態奶需求恢復速度遜於預期,將蒙牛2025至27年的總收入預測下調7%。該行指出,目前仍在等待行業週期的轉折點,相信這或帶動中國乳製品龍頭的潛在重新評級。該行將蒙牛評級由「買入」下調至「持有」,目標價由23.3元降至16.8元。
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