《大行報告》摩通下調統一(00220.HK)目標價至10元 評級「增持」
摩根大通發表研究報告,指統一企業中國(00220.HK)上半年銷售按年增長10.1%,略勝市場預期,惟純利按年跌20.4%,則遠遜市場預期。倘剔除一次性土地出售金額為6,200萬人民幣,以及政府援助金額1.6億元人民幣,上半年經常性純利按年輕微增長0.4%。
報告稱,對比2019年上半年,統一銷售年均複合增長率為6.5%,純利年均複合增長則為7.8%,EBIT利潤率較2019年上半年減少3.3個百分點至8.1%,主因食物分部利潤減少9.6個百分點,飲品分部則見增長。摩通預期成本上漲情況在下半年料按半年改善,但相較2019年下半年,則仍會拖累毛利率。
摩通指出,統一計劃增加市場推廣開支以帶動長遠增長,但短期會拖低毛利率。該行下調其每股盈測介乎9%至22%,料統一下半年銷售按年增8.4%,利潤則料按年跌20.1%,維持「增持」評級,目標價由11.5元降至10元。
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