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汇丰研究升统一(0220.HK)目标价至10.8港元评级“买入”
格隆汇 08-07 12:28

汇丰研究发表报告指,统一(00220.HK)今年上半年纯利按年上升40%至9.97亿元人民币,高於市场预期13%。虽然统一半年收益仅升2.2%,惟毛利率扩张,带动盈利强劲增长。公司指原材料价格在7月和8月初呈现有利趋势,加上值税率自4月起由16%降至13%,预期正面影响在下半年会持续。

报告指出,统一持续其产品差异化及高端化的策略,因此无需打价格战,上半年整体毛利率表现强劲,证明策略成功。该行相信产品组合的改变,即增加方便面比重,可弥补饮品业务的放慢。

该行上调统一2019至2021年盈利预测10%至17%,目标价由9港元升至10.8港元,维持“买入”评级。该行补充,除对统一前景正面看法外,更预期公司强劲现金流或可增加派息水平。

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