港股異動 | 蒙牛跌逾3%領跌恆指 管理層料第四季毛利率會受壓
格隆匯11月8日丨蒙牛(2319.HK)現報29.85港元,跌3.4%領跌恆指,暫成交3億港元,最新總市值1174.5億港元。高盛近日發研報指,蒙牛原定下半年冀擴展營運毛利率50個基點,但由於下半年原奶價格按年漲8%,令擴展幅度較少,據公司指原奶價格每上升2%,會對集團毛利率構成60個基點的負面影響。蒙牛管理層展望第四季,基於原料成本上升,料公司毛利率會受壓,將會控制銷售成本、綜合開銷及行政管理費用,但或不足以完全滿足原定毛利率擴展目標。但無論如何,公司料營運水平銷售增長仍鞏固。此外,蒙牛管理層料明年銷售目標或為雙位數字增長,毛利率持續擴張,基於原奶價格上升預期,公司會採取更嚴格的推廣投資。維持其“中性”評級,目標價31.4港元。此外據悉,蒙牛前日(6日)亦收跌5.86%,南下資金當日淨流出1.1億港元。
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