金吾财讯 | 中国飞鹤(06186)股价逆市向上，午后升幅轻微扩大，截至发稿，报4.29港元，涨3.62%，成交额4765.09万港元。消息面上，此前交银国际发研报指，受益于高端产品的持续升级，飞鹤上半年毛利率显着提升。未来的增长动力主要包括（1）国产品牌市占率扩大；（2）市场集中度的提升；（3）高端细分市场的增长。然而，坚持高端策略的同时，产品价格也在不断提高。目前飞鹤的奶粉售价已经处于高位，未来提价的空间或有限。该行指，上半年飞鹤运营好转，并且收入增速有望企稳，因此该行微调每股盈利预测。但鉴于行业仍承压，且利润的增长空间或有限，该行现时仍持保守态度。目标价4.0港元（原3.4港元），基于7.7倍2025年市盈率（对应过去3年平均下调一个标准差），维持中性。
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