麥格理:降統一企業中國(0220.HK)評級至中性 目標價調低至9.7港元
麥格理髮表研究報吿,將統一企業中國(0220.HK)目標價由13港元調低至9.7港元,評級由跑贏大市降至中性。
該行稱,統一首季淨利潤按年跌10.9%至3.78億元人民幣,遜該行預期11%。如果撇除出售合肥工廠收益入帳6100萬元人民幣,淨利潤有低單位數字的增長。
該行表示,認同集團將策略重點轉移至收入,但由於原材料的不利因素及市場競爭激烈,毛利率短期或出現下滑。因此,將目標價倍數由2021年預測25倍,下調至2022年預測20倍,並下調其評級及目標價。另外,估計集團這兩年的收入增長將分別放緩至3%及6%,市場有機會下調其估值。

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