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大行評級|招商證券國際:上調統一企業中國目標價至9.2港元 評級則降至“持有”
格隆匯 03-07 12:52
招商證券國際發表研究報吿指,自統一企業中國發布去年第三季財表以來,其股價已累升逾20%,由於去年下半年表現略遜預期,目前風險回報趨向更加平衡。展望2025年該公司在面對市場競爭與經營策略執行方面不確定性增加,該行表示,統一與已提價的康師傅的零和博弈目前難以判斷何方將勝出,因此將抱觀望態度,並將統一的評級下調至“持有”。該行將統一今明兩年收入預測平均下調2%,2025年毛利率及經營利潤率預測分別下調0.1及0.8個百分點,以反映預期增加的品牌營銷開支和冰箱覆蓋範圍擴大,目標價則從8.3港元上調至9.2港元,對應今年預測市盈率約17.5倍。
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