《大行报告》中金:旺旺(00151.HK)中期业绩胜预期 传统渠道表现亮眼
中金发表报告指,旺旺(00151.HK)公布2020财年中期收入103亿元人民币,按年增长10.7%;净利润19.5亿元人民币,按年上升20.9%,好於该行预期,主要由於线下收入恢复好於预期,及销售费用率改善好於预期。
该行表示,集团各品类复苏良好,费用改善助力利润高增。受益於传统渠道精耕、新兴渠道发力及新品铺货率提升良好,米果类、乳饮及休闲食品类中期收入分别按年增9.4%、7.4%及17.7%,其中米果核心品牌、大礼包、旺仔牛奶等主力品类均实现稳健增长。
中金认为,集团中期复苏趋势良好,料下半财年增势有望延续。上半财年传统渠道录得双位数增长,公司优化经销商激励政策、强化新品推广等传统渠道精耕努力成效渐显,该行认为线下渠道亮眼表现亦是公司第二及三季表现好於多数同行的主要原因。
中金上调旺旺2020/2021财年盈利预测9.3%/6.4%,维持「跑赢行业」评级,相应上调目标价4.4%至7.1元,对应2020/2021财年18/17.5倍市盈率。
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