---
title: "《大行》摩通降中国飞鹤目标价至 6 元  评级「增持」"
description: "摩根大通将中国飞鹤目标价下调至 6 元，维持「增持」评级。尽管公司发出盈警后股价下滑，但摩通认为基本面良好，预计下半年销售额和盈利将分别增长 10% 和 18%。全年销售额预计增长 0.5%，经调整盈利下降 14.6%。预计 2025 至 2027 年销售额和盈利的复合年增长率为 3.8% 和 13.1%。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/247568534.md"
published_at: "2025-07-08T03:15:28.000Z"
---

# 《大行》摩通降中国飞鹤目标价至 6 元  评级「增持」

> 摩根大通将中国飞鹤目标价下调至 6 元，维持「增持」评级。尽管公司发出盈警后股价下滑，但摩通认为基本面良好，预计下半年销售额和盈利将分别增长 10% 和 18%。全年销售额预计增长 0.5%，经调整盈利下降 14.6%。预计 2025 至 2027 年销售额和盈利的复合年增长率为 3.8% 和 13.1%。

摩根大通发表研究报告指，中国飞鹤 (06186.HK) 发出盈警後股价下滑。该行认为，公司的基本面仍然良好，早前股价属过度回调。公司的渠道库存水平现已降至 0.5 个月，显示下半年销售回升。

摩通预计，飞鹤下半年的销售额及盈利按年增长率为 10% 及 18%，全年销售额料按年升 0.5%，经调整盈利则料下降 14.6%，又预期 2025 至 2027 年销售额及盈利的复合年增长率分别为 3.8% 和 13.1%。该行将公司目标价由 7.1 元下调至 6 元，予「增持」评级，以反映婴儿配方奶粉 (IMF) 业务复苏。

### Related Stocks

- [06186.HK - 中国飞鹤](https://longbridge.com/zh-CN/quote/06186.HK.md)

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