高盛发表研究报告指，蒙牛乳业旗下现代牧业发盈警，预计上半年净亏损扩大至8亿至10亿元，而去年同期为亏损2.07亿元，公司解释是由于原奶价格低迷引致的生物资产亏损，预计EBITDA可大致按年持平。 报告指，年初至今乳制品零售需求仍然低迷，上半年缩减供应的速度慢过预期，因每头乳牛的单位产量仍在上升、政府对奶牛场财政支持，以及饲料费用下降。不过，公司认为行业将于今年下半年见底，料供应缩减将会加速，大部分奶牛场均处于亏损状态，下半年饲料借贷将减少，以及牛群开始老化。现代牧业料第三季起情况将更稳定，原奶价格亦会反弹。 基于上述情况，该行将蒙牛2025至27年销售预测下调约2%，经常性净利润预测下调约1%，目标价由23港元下调至22.8港元，主要因现代牧业的非现金减值亏损；维持“买入”评级，因其在行业下行周期下利润率仍具韧性，以及具成本效益。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.