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野村:重申日清食品(1475.HK)中性評級 目標價降至6.9港元
格隆匯 03-19 12:46

野村發表研究報吿指,日清食品(1475.HK)基於去年的高基數及中國市場競爭加劇,今年要保持良好的銷售和利潤,將是充滿挑戰的一年。該行預期,息税前利潤率將因較高的廣吿宣傳費用、原材料成本和折舊費用而受到抑制,而營收增長將放緩。該行將集團純利預測微降2.4%,目標價由7.5港元降至6.9港元,重申中性評級。餐飲股中,該行看好海底撈及百勝中國。

該行表示,日清食品去年純利3.02億港元,按年增20.3%,符合該行預期,不過,較市場預期少3%,收入升14%至35.19億港元,符合該行及市場預期。

野村指,由於去年的恐慌性購買導致高基數,而今年疫情影響銷售正常化,該行預計今年日清食品的銷售增長無驚喜。管理層表示,因應中國政府建議就地過年,集團1、2月內地銷售較預期好,該行認為,這只是短期效果,料集團今年內地銷售增長將放緩至9.8%,而由於需求趨於正常,將今年香港銷售增長預測下調至1%。

野村又預期,市場競爭加劇,將令日清食品廣吿及宣傳費用上升,令息税前利潤率下跌0.8個百分點至9.8%。

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