《大行》高盛降中國飛鶴(06186.HK)評級至「中性」 目標價下調至4.3元
高盛研究報告表示,中國飛鶴(06186.HK)今年上半年銷售額、淨利潤按年下降9.4%、47%,公司進一步下調全年銷售指引至210億元人民幣(含增值稅)或約190億元人民幣(扣除增值稅,意味按年下降雙位數),因第三季度繼續去庫存及延遲推出超高端產品。
高盛表示,雖然認可公司在產品組合優化、線上增長更具韌性及嬰幼兒配方奶粉毛利率穩定的努力,但預期至2025年底將進一步去庫存,並需增加營銷投入以重奪市場份額,將中國飛鶴從「買入」降級至「中性」,因競爭動態仍是高盛對其下半年收入及盈利表現的主要擔憂;12個月目標價下調至4.3港元。
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