富瑞:維持統一(0220.HK)“買入”評級 目標價11.2港元
富瑞發表研究報吿指,統一企業中國(0220.HK)今年首季核心純利升4%,公司維持今年銷售錄雙位數增長的目標。儘管原材料價格上漲,惟相信成本升幅已受控;同時,統一計劃更有效投資於市場營銷及推廣活動,令未來上、下半年的盈利貢獻可更平均,並期望自下半年起盈利會進一步改善,故維持“買入”評級,目標價為11.2港元。
富瑞表示,統一首季純利按年下跌10%至3.78億元人民幣,若撇除一次性項目,純利料升約4%。首季飲品銷售按年錄雙位數增長,是2019年增長率的2倍;食品銷售按年錄單位數跌幅。另外,電商渠道貢獻僅有低單位數,惟增長率快速。
該行又指,由於成本上升,令首季毛利率錄得按年下跌,公司估計部分經典產品毛利率仍受壓,並會持續投資新產品、渠道滲透度及銷售點。此外,統一自去年下半年開始已就原材料價格上漲做好準備,而中國消費強勁復甦,將有助緩和首季競爭激烈的局面。

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