汇丰:首予中国旺旺(0151.HK)“买入”评级 目标价7.16港元
汇丰环球研究发表研究报告,表示看好中国旺旺(00151.HK)休闲食品业务盈利稳定,首予该股“买入”评级,目标价7.16港元,对比现价,有16%的上升空间。汇丰称,旺旺经历5年的下跌后,在2018财年恢复增长,预计其2019至2021年净利润的复合年均增长率达5%,较2016至2018年增长4个百分点。

该行认为,产品创新加上渠道扩张令收入增加,毛利率扩张。该股现价相当于2019年预测市盈率19倍,与自上市后的历史平均水平相若,现价估值吸引。
产品创新方面,2018年旺旺通过推出新的休闲食品及乳品来扩大生产线,摆脱对单一受欢迎产品的依赖,同时,毛利率较高的新产品提高了整体毛利率,该行预计,2019年毛利率将上升0.4个百分点至46%。
渠道扩张方面,旺旺加强了零售店的复盖,进入新兴渠道,如电商、母婴用品店及自动售卖机等,以及推出数码营销活动以提升品牌,该行认为这些新兴渠道增长潜力强劲。
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