中金:料萬洲(0288.HK)第四季美國業務盈利續改善 維持“跑贏行業”評級
中金髮表的研究報告指,數據顯示萬洲國際(00288.HK)的雙匯肉製品10月銷量及銷售額按年分別升3.7%及5.2%,銷量表現略差於主要競爭對手,而今年11月內地22省市生豬均價約為每公斤36.23元人民幣,按年升173%。
該行認為雙匯發展中國市場,而公司自去年12月以來已加價6次,其中第四季又再加價兩次,平均加價幅度達高單位數,6次累計加幅約20%左右。目前肉製品經銷商平均庫存處正常水平,料加價後第四季肉製品銷量可保持平穩,短期能對衝成本壓力,長遠而言對公司利潤率提升有利好。另外,第三季起公司進口豬量顯着提升,料今年進口量有望超過歷史高位的28萬噸,目前中美豬肉價差達5-6倍,料明年公司仍能受惠於進口肉增加帶來的成本對衝。
在國際市場方面,該行料第四季美國業務盈利持續改善,而歐洲養殖業務表現良好。該行維持萬洲“跑贏行業”評級,目標價10.35港元。

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