大行評級|花旗:維持農夫山泉“買入”評級 指鍾睒睒上央視訪談正面
花旗的研究報吿指,農夫山泉創辦人、控股股東兼主席鍾睒睒在上週六(10日)出席《央視》的訪談節目,認為此次反映了政府對農夫山泉業務的肯定,會令為農夫山泉的分銷商對公司有更大信心,同時料鍾睒睒會在公司公佈上半年業績後加大他購買公司股份的力度。該行維持“買入”評級,目標價為60.15港元。
花旗預料,農夫山泉上半年純利達高單位數按年增長,比市場預期純利按年倒退中至高單位數為高。該行雖料包裝水銷售疲弱,惟料其茶類飲品銷售將按年擴張約50%,果汁銷售將在上半年按年增長高達15%至19%。與其他業務相比,其包裝水業務擁有較高的毛利率(因經營槓桿較高)及較高的經營支出對銷售比率(主要是付運及物流成本)。該行預期,公司的銷售組合在上半年轉變將導致每股毛利率與經營開支對銷售佔比出現不同的按年變動,預期其經營開支對銷售佔比的按年下降,將減輕毛利率按年收縮的負面影響。故此,預期其上半年的淨利潤率大致持平。
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