《大行報告》招銀國際升農夫山泉(09633.HK)目標價至57.8元 上季收入及淨利潤略超預期
招銀國際發表研究報告,預計農夫山泉(09633.HK)上季收入及淨利潤略超預期,去年下半年收入按年增長31%,優於上半年的增速,亦好過市場預測和公司指引。平均單價在沒有提價措施下將維持穩定,而產品升級及新產品推出將為單價帶來低單位數漲幅。
報告提到,毛利率方面,由於PET採購價格在去年下半年下行,毛利率將穩定在59%左右,帶動全年毛利率按年增2個百分點到59.4%。下半年依季節性需求加大宣傳投入,預計下半年淨利潤55億元人民幣,按年增39%,全年淨利潤超額完成至26.5%,略高於管理層和市場預期。
該行指,考慮到公司業績有潛在超預期的可能,維持「買入」評級,目標價由56.9元上調至57.8元,並加到短期推薦名單。該行又調升公司2023至2025年茶飲料平均收入預測約10%,相應總收入上調3%至9%。
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