《大行報告》美銀證券上調頤海國際(01579.HK)目標價至130元 評級「買入」
美銀證券發表研究報告,重申對頤海國際(01579.HK)的「買入」評級,表示雖然由於基數較高短期表現較疲軟,將2020及2021年每股盈測下調5%及4%,但仍看好其中長期發展前景,將目標價格由116.2元上調至130元。
該行預測,頤海去年下半年收入將增長26%,淨利潤料增長13%,主要由於關聯方的火鍋調料的平均售價下降,但部分被出售予海底撈(06862.HK)的高利潤零售產品所抵消。該行解釋,由於新產品利潤率較低,佔銷售組合的比例較高,因此第三方即食產品的利潤也可能受到侵蝕。
美銀表示,根據往績,對該公司今年的新產品線,特別是調味品方面感到樂觀,認為即食系列去年貢獻約2億元人民幣的銷售額,預期若產能問題可解決,將成為今年主要增長動力,同時緩解自熱式火鍋產品的放緩。
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