交銀國際:首次覆蓋予農夫山泉(9633.HK)中性評級 目標價58港元
交銀國際發表研究報吿表示,農夫山泉(9633.HK)為包裝飲用水及飲料行業龍頭,公司包裝水市佔率連續八年第一。2017-19年收入及淨利潤複合年增速為17%及21%,2019年毛利率及淨利率分別為55%及21%,業績增速及盈利能力均領先同行。該行首次覆蓋予中性評級,目標價58港元。
報吿預測包裝水行業2019-24年複合年增速11%。產品差異化空間小,新進入者較難打開市場,公司憑藉水源地、品牌及渠道優勢有望保持高於行業的增速。飲料業務方面,公司在無糖茶等高增長品類的產品佈局領先同行,同時在過去十年表現出卓越的產品生命週期管理能力。
交銀又認為,公司建立了短期難以打破的競爭壁壘,且是軟飲料行業稀缺性標的,但目前估值較高,建議等待調整後才買入。

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