《大行報告》里昂降旺旺(00151.HK)評級至「跑輸大市」 下調目標價至5.6元
里昂發表研報指,旺旺(00151.HK)全年營業額及淨利分別按年升9%及14%,符合市場預期,奶類飲品及零食錄得逾一成增長。
不過該行指出,雖然疫情影響有所緩解,但旺旺的核心產品如米餅等繼續出現下跌,認為主要是由於公司缺乏有吸引力的新產品,預期毛利率於去年已達到高位,未來在原料價格波動等因素下盈利能力或受壓。
里昂認為,旺旺的業務仍具韌性,但由於中國零食市場競爭激烈,對其產品創新能力感到擔憂,將2021至2022年淨利潤預測下調5%及6%,並將目標價由6.2元降至5.6元,評級由「跑贏大市」下調至「跑輸大市」。
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