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富瑞:下調蒙牛(2319.HK)目標價至36港元 料疫情過後將恢復增長
格隆匯 03-27 14:05

富瑞發表研究報告指,新型冠狀病毒肺炎疫情短期內將令蒙牛(2319.HK)面臨挑戰,但相信疫情過後,消費者對營養產品的需求將會有所增加,利好公司的長遠增長前景。該行下調蒙牛目標價4.76%,由原來的37.8港元降至36港元,維持“買入”評級。

富瑞表示,蒙牛去年銷售按年增長14.6%,核心經營利潤增長19%,都與該行的預期一致。管理層指,液態奶在今年1月及2月份的銷售下跌三至四成,預計上半年的淨利潤因疫情而有所下跌,但相信下半年將會恢復正常增長。

該行預計,集團今年的銷售額將按年下跌11%;核心經營利潤下滑33%;經常性盈利就跌21%。

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