大和：重申統一企業(0220.HK)優於大市評級 目標價上調至7.9港元
大和發表研究報吿指，統一企業中國(0220.HK)去年純利按年跌7.8％至15億元人民幣，符合該行預期；派息率上升至120％則超出預期。去年下半年，食品和飲料收入分別按年增長14.1％和9.7％，但由於原材料成本壓力，兩業務的毛利率均下降，部分被嚴格的成本控制措施所抵消。該行重申“優於大市”評級，目標價由7.3港元上調8.2％至7.9港元。
報吿指，食品業務高端化趨勢有所改善。管理層表示，高端產品對收入的貢獻率為41.4％，按年增長5.8個百分點。然而，棕櫚油價格在去年下半年上漲，因此食品板塊的毛利率為24％，按年下降5.8個百分點。然而，由於有效控制銷售費用，該部門的營業利潤率從上半年轉為正數，按增年長3個百分點至4.6％。快速食品收入按年增長40％，而方便麪銷售額在2021年同比下降0.5％。飲料受益於強勁的需求，下半年茶和果汁銷售收入分別按年增長9.5％和41％。
報吿提到，管理層繼續留意到原材料成本壓力，即來自食品的棕櫚油和飲料包裝成本。大和估計，集團目標在1-2個月維持正常的原材料庫存水平。管理層表示，在當前市場情況下，產品加價與否尚未確定，將傾向於通過降低營銷費用來控制成本來緩解壓力。該行維持2022-23年的收入預測，但將2022-23年的毛利率下調3-3.9個百分點，導致2022-23年純利預測減少5-6％。
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