高盛:降达利食品(3799.HK)目标价至6.7港元 评级“买入”
高盛发表的报告指,达利食品(3799.HK)
上半年业绩大致符预期,期内销售增长1%,净利则按年升5%,公司已大致完成销售团队重组,并已按消费模式分开销售及分销团队,短期在渠道上或会出现影响,但相信下半年销售增长将温和复苏。
该行指出保质期较短的面包“
美焙辰
”仍然是关注重点,公司目标年底前可达10亿元人民币(下同)的销售额并达至收支平衡,相信下半年重点将在于建构销售/分销网络以及物流。尽管需要投资新产品,公司仍能维持经营利润率,预期随着美焙辰亏损收窄及营销开支受控,公司利润将可进一步改善。
该行重申对公司“
买入
”评级,并调整了对2019-21年每股盈测-1%至+1%,以反映销售增长放慢、毛利率扩张以及增值税下调等的影响,目标价由6.9港元降至6.7港元。
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