《大行報告》瑞銀升旺旺(00151.HK)評級至「買入」 目標價上調至8.2元
瑞銀髮表研究報告,將中國旺旺(00151.HK)2023至2024財年每股盈測上調9%至14%,目標價由5.8元上調至8.2元,評級由「中性」上調至「買入」,並預計盈利釋放將成爲潛在估值重評的催化劑。
瑞銀預計旺旺2022財年將實現9.2%的按年銷售額增長,受惠於新渠道的滲透率提高,然而由於原材料價格上漲,預計2022財年的淨利潤按年增長將放緩至3%。在出廠價上漲和原材料價格趨穩的幫助下,瑞銀預計旺旺2023和2024財年毛利率將復甦,預測淨利潤分別增長11.6%和10.7%。
瑞銀預計,旺旺的銷售額複合年增長率在2022至2024財年將加速至7.8%(2018至2022財年爲4.5%),得益自2019年以來的品牌和渠道改革以活化品牌、增加新渠道的滲透率並擴大其目標消費羣,其2022年的價格上漲和原材料價格企穩,可能會推動2023財年起毛利率回升。從長遠來看,瑞銀預計旺旺銷售增長將繼續優於其他大型餐飲消費品同行,受惠於其更高的品牌知名度和滲透率,以及海外擴張。
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