大和:日清(1475.HK)首季純利略遜預期,降目標價至5.7港元
大和發研報指,日清食品(1475.HK)由於香港業務收入減少及毛利率下降,首季淨利潤略低於該行預期,但其內地業務符合該行預期,認為今年首季內地業務持續增長,該行重申日清“優於大市”評級,目標價則由6.4港元下調至5.7港元。
該行表示,公司今年首季收入按年增長10.1%至11億港元,當中內地業務收入錄7.04億港元,按年增長11.9%,而香港業務收入按年增長6.6%至3.58億港元,略低於該行預期,其管理層表示隨着公司早前進行加價,今年第二季所面對的壓力或會有所緩解。
該行提及,維持該行收入預測,但已將較高的原材料成本考慮在內。因此,下調2022至2024年的毛利率預測降低4-5個百分點,把2022至2024年的淨利潤預測降低4-5%。管理層有信心實現其全年收入目標,亦料今年第二季將受益於早前的加價行動。

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