中国飞鹤(6186.HK):持续加大品牌投入 引领行业整合

浦银国际
01 Apr

飞鹤2H24 净利润不及市场预期,主要是由于功能营养产品(包括成人奶粉)短期清理库存拖累整体毛利率的表现。然而,公司婴配粉业务2H24 收入增速符合预期,且利润率依然保持稳健。管理层表示有信心2025 年收入增速快于2024 年,目标2025 年毛利率同比小幅提升。我们认为,飞鹤作为行业领导者持续引领婴配粉市场集中度提升的趋势将在未来持续。我们上调目标价至6.65 港元。基于飞鹤较高的派息率,我们...

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