UBS slightly lowers Mengniu Dairy's target price to 20.5 yuan, maintains "Buy" rating

阿斯達克財經網
2026.01.14 03:20

瑞銀髮表研究報告指，蒙牛 (02319.HK) 去年持續面對整體業績下行的壓力，全年收入預計將下降中到高個位數，主要是由於液態奶的表現在消費需求疲軟、原料奶供應過剩和渠道分散。

展望 2026 年，蒙牛管理層目標依賴產品創新、新零售渠道擴展及產品組合改善，支持銷售重返正增長。另外，股東回報仍然是公司優先考慮事項，包括穩定派息和正考慮潛在股份回購。瑞銀將蒙牛目標價由 20.6 元輕微下調至 20.5 元，維持「買入」評級。

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