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《大行报告》野村下调日清食品(01475.HK)目标价至6.9元 评级「中性」
阿思达克 03-19 13:57
野村发表的研究报告指,日清食品(01475.HK)去年收入按年升14%至35.19亿元,符该行及市场预期,意味去年第四季增长达12.7%,该行指出「宅经济」带动2020财年公司内地及香港销售增长17.5%及9.1%,而第四季则分别增长21.5%及2.2%。去年净利3.02亿元,按年升20.3%,符该行预测,但就较市场预期低3%。去年公司毛利率维持在32.9%水平,经营利润率扩张0.6个百分点至10.6%,主要受惠销售增加、销售及分销开支管控见效。派息比率亦企稳在50%的水平。

该行指出受高基数影响,加上疫情正常化,估计今年销售增长将无惊喜,管理层则指今年首两月内地销售好过预期,主要因为政府不鼓励返乡过年,料相关因素将利好公司首季销售,不过野村认为影响短暂,估计今年其内地销售增长将放慢至9.8%,并将公司香港的销售增长预测降至1%,以反映需求正常化。

野村指出棕榈油价格自去年3月低位升约80%,加上上海分销业务利润较低,而来自同业的竞争增加,不过该行维持对公司毛利率预测,料今年将跌0.8个百分点至32.1%。野村料今年对公司来说要维持销售及盈利增长将有挑战,一方面因为去年基数较高,而内地市场竞争亦增加,估计由於原材料成本增加、折旧开支及收入增长放慢等将令EBIT利润率受累,将公司目标价由7.5元降至6.9元,评级维持「中性」,在食品及饮料行业较倾向选择海底捞(06862.HK)及百胜中国(09987.HK)。

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