野村:維持日清食品(1475.HK)目標價6.9港元 重申“買入”評級
野村發表研究報吿指,由於棕櫚油成本持續上漲且香港需求遜於預期,日清食品(1475.HK)將2021財年的銷售指引由增長中高單位數下調至中低單位數,淨利潤指引由增長10%降至5%。相對於2020財年的高基數和內地市場日益激烈的競爭,該行預期集團要保持銷售和利潤增長,2021財年仍是充滿挑戰的一年。該行維持集團目標價6.9港元,重申“買入”評級。
野村指,2021財年第1季收入按年增長9%,中國內地的銷售按年增長11.4%,主要是受到方便麪的有機增長以及上海分銷業務的貢獻。香港的銷售額按年下降6.3%,這主要是由於袋裝方便麪的銷量下降所致。
集團又公佈一項約1.94億港元的項目,計劃在香港安裝新的智能生產線,該項目計劃料於2023財年完工。該行相信,這個新項目正進行機器升級,不會帶來任何重大的額外新資本支出。
野村表示,集團很可能會在新產品發佈前加大其A&P力度,以及需要在KA中承擔新產品上市費用。該行維持2021財年的毛利率預測,即按年下降0.8個百分點至32.1%。另外,由於較高的A&P費用、原材料成本和折舊費用,EBITDA利潤率將會下降,該行維持2021財年的銷售預測按年增長6.3%,及淨利潤預測按年下跌8.2%。
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