智通财经APP获悉，麦格理发布研报称，若剔除一次性减值损失后，蒙牛乳业(02319)去年下半年经调整盈利增长11.3%，由于去年利润率稳健改善，将公司今明两年盈利预测分别上调7.2%及9.9%，目标价上调10%至23港元，维持“跑赢大市”评级，以反映今年原奶价格将保持平稳，以及经营利润率维持稳定。
麦格理称，今年至今，因比较基数较高以及农历新年的影响，蒙牛面对整体需求疲弱的情况，因此今年收入目标为低单位数增幅。蒙牛去年下半年毛利率同比扩阔3个百分点，经营利润率显著改善3.3个百分点。公司预计，今年原奶价格将保持平稳，因供应将较为平衡，并预计经营利润率将保持稳定，公司已看到鲜奶、奶粉、芝士及冷藏产品的盈利能力有所改善，目标在明年开始每年利润率能扩阔30至50个点子。
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