《大行報告》中金首予中國飛鶴(06186.HK)「跑贏行業」評級 目標價9元
中金發表研究報告,首予中國飛鶴(06186.HK)「跑贏行業」評級及目標價9元。該行表示,由於需求復甦,對中國飛鶴的增長前景感到樂觀,有信心集團將憑藉其競爭優勢獲得市場份額並達到業務多元化。
該行預計,隨著疫情影響的消退,中國的新生嬰兒數量將出現反彈,從而推動奶粉行業在明年穩步復甦。而在過去幾年,國內龍頭品牌不斷深入下線城市母嬰市場,拓展分銷渠道,迅速從國外競爭對手中搶佔市場份額。該行預期,今年初嬰幼兒配方奶粉新國標的實施將加速中小品牌退出市場,帶動國內配方奶龍頭企業市場份額迅速擴展。
該行提到,集團在去年初面臨庫存積壓增加和平均售價下降的不利因素,故推出一項新企業削減庫存戰略,該戰略在去年年中逐漸見效,嬰幼兒配方奶粉業務穩步復甦。
此外,集團亦拓展至兒童和成人奶粉,以探索第二增長引擎。公司預計這項新業務將在2028年貢獻其總收入的約50%,從而推動長期持續的盈利增長。該行預計,集團去年度的每股盈測為0.55元人民幣,2023及24年分別為0.62元人民幣和0.7元人民幣。
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