---
title: "《大行》摩通料蒙牛今年銷售及盈利轉勢  目標價降至 20 元續籲「增持」"
description: "摩根大通預計蒙牛今年銷售額和經調整盈利將分別增長 2% 和 17%。儘管面臨温和需求和其他飲品競爭，公司仍在優化產品組合和拓展新渠道。摩根大通維持對蒙牛的「增持」評級，目標價從 22 元降至 20 元，預計農曆新年銷售將成為短期催化劑。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/274087334.md"
published_at: "2026-01-29T03:57:14.000Z"
---

# 《大行》摩通料蒙牛今年銷售及盈利轉勢  目標價降至 20 元續籲「增持」

> 摩根大通預計蒙牛今年銷售額和經調整盈利將分別增長 2% 和 17%。儘管面臨温和需求和其他飲品競爭，公司仍在優化產品組合和拓展新渠道。摩根大通維持對蒙牛的「增持」評級，目標價從 22 元降至 20 元，預計農曆新年銷售將成為短期催化劑。

摩根大通研究報告指，預期蒙牛 (02319.HK) 今年的銷售額及經調整盈利將分別按年回升 2% 及 17%，相較 2025 年按年分別跌 7% 及 8%。該行認為今年的競爭環境將趨向良性，雖然整體需求温和，且面臨其他飲品如咖啡及茶類的競爭，公司仍然積極優化產品組合及拓展新渠道，以重奪市場份額。同時，公司的淨利潤率相對較低，其盈利對經營槓桿的敏感度更高。

該行維持予蒙牛「增持」評級，目標價由 22 元降至 20 元，預期今年農曆新年強勁的銷售將成為短期催化劑。

### Related Stocks

- [02319.HK - 蒙牛乳業](https://longbridge.com/zh-HK/quote/02319.HK.md)

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