华泰金融(HK)：给予蒙牛乳业(02319.HK)“买入”评级 目标价21.67港元
华泰金融(HK)9月27日发布公告。As a downstream dairy product leader, Mengniu should in our view benefit from this. On the revenue side, operations of Mengniu’s main liquid milk business were soft in 1H24 strained chiefly by the overall tepid demand. In response, Mengniu has been pursuing inventory destocking since March 2024, accompanied by steady efforts in maintaining the ex-factory price and promotions, which could in our view improve its operations sequentially. Profit wise, factors like dipping milk prices and optimized cost efficiency boosted Mengniu’s OPM by 0.6pp yoy to 7.0% in 1H24. We expect its 2024/2025/2026 EPS to be RMB1.03/1.11/1.20. We value the stock at 19x 2024E PE, at par with its peers’average on Bloomberg and Wind consensus. Our target price is HKD21.67 (previous: HKD15.78). BUY.
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