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研報掘金|招商證券:上調康師傅目標價至13.5港元 維持“持有”評級
格隆匯 03-26 13:18

招商證券發表研報指,康師傅控股2024財年下半年表現參差不齊,淨利潤高於該行及市場預期,至於銷售額僅符合預期。公司管理層預計,2025財年銷售增長將達到低至中單位數百分比,毛利率則預期略有增長,公司亦承認市場競爭仍激烈,特別是桶裝水產品類。

該行提及,與採取專注於銷量驅動策略的統一相比,康師傅顯示出一個不同步的動態,該行難以看清在這場零和遊戲中誰將勝出。因此該行維持對康師傅的“持有”評級,以觀望爲主,目標價由原先10.3港元上調至13.5港元,相當於預測今年底市盈率17.5倍。

另外,該行將康師傅2025至2026財年收入預測平均下調4%,以反映對康師傅在價格上漲後,以及極具競爭的營運環境中市場份額損失的擔憂。該行亦將康師傅毛利率預測平均上調1.6個百分點,以反映持續的投入成本順風。

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