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《大行報告》中金:旺旺(00151.HK)中期業績勝預期 傳統渠道表現亮眼
阿思達克 11-20 14:28
中金發表報告指,旺旺(00151.HK)公布2020財年中期收入103億元人民幣,按年增長10.7%;淨利潤19.5億元人民幣,按年上升20.9%,好於該行預期,主要由於線下收入恢復好於預期,及銷售費用率改善好於預期。

該行表示,集團各品類復甦良好,費用改善助力利潤高增。受益於傳統渠道精耕、新興渠道發力及新品鋪貨率提升良好,米果類、乳飲及休閒食品類中期收入分別按年增9.4%、7.4%及17.7%,其中米果核心品牌、大禮包、旺仔牛奶等主力品類均實現穩健增長。

中金認為,集團中期復甦趨勢良好,料下半財年增勢有望延續。上半財年傳統渠道錄得雙位數增長,公司優化經銷商激勵政策、強化新品推廣等傳統渠道精耕努力成效漸顯,該行認為線下渠道亮眼表現亦是公司第二及三季表現好於多數同行的主要原因。

中金上調旺旺2020/2021財年盈利預測9.3%/6.4%,維持「跑贏行業」評級,相應上調目標價4.4%至7.1元,對應2020/2021財年18/17.5倍市盈率。

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