《大行报告》美银证券削颐海(01579.HK)评级至「跑输大市」 目标价下调27%至95.2元
美银证券发表研究报告,将颐海国际(01579.HK)评级由「买入」连降三级至「跑输大市」,指出其去年度税後利润按年增长23%,较市场预期低8%,其中去年下半年销售收入及税後利润仅增长20%及9%。
美银认为,去年下半年业绩表现逊预期,是由於作为主要增长动力的即食产品业务大幅倒退,由上半年的按年增长96%大减至下半年的按年增33%,当中自热火锅产品倒退更为显着,预期疫情後行业竞争将变得更激烈。
该行又指出,去年下半年营销支出占比高於预期,下半年占比提升至11.2%,预期将蚕食今年经营溢利率约0.69个百分点,认为颐海可能需要对新产品及品类投资更多,以开拓新动力及推动第三方收入增长。美银将颐海今明两年每股盈测分别下调13%及9%,目标价由130元下调27%至95.2元,指出增速放缓及毛利率受压或触发估值下调风险。
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