《大行報告》麥格理下調維他奶(00345.HK)目標價至10.5元 評級「跑贏大市」
麥格理發表報告指,維他奶(00345.HK)上半財年收入按年下跌7%,較該行預測低13.7%,毛利率按年上升2.8個百分點至50.5%,期內價格調整和促銷活動減少,有助抵銷原材料成本上升及來自產品組合的不利影響。
維他奶管理層預期,透過架構重組及減低物流成本與資本開支,將為利潤率帶來進一步的提升空間。因此麥格理將2026財年淨利潤預測上調12%,預期利潤率將強勁擴張,同時相信公司會嚴控經營開支及投資。
但基於維他奶上半財年收入增長遜於預期,該行亦將維他奶2024至2025財年淨利潤預測下調18%及17%,將維他奶目標價由13元下調10.5元,評級為「跑贏大市」。
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