《大行報告》大和首予農夫山泉(09633.HK)「跑贏大市」評級 目標價46.1元
大和發表研究報告,首予農夫山泉(09633.HK)「跑贏大市」評級,目標價46.1元。該行引述市場數據料中國樽裝水市場在2019至2024年間年均複合增長達10.8%,並料農夫山泉樽裝水收入在2021至2023年間年均複合增長達17.3%,軟性飲料收入年均複合增長達24.6%,在銷售點擴張及新產品推動下,料帶動純利年均複合增長達18.9%。
報告稱,農夫山泉具多渠道擴張,以捕捉細分板塊增長及推廣快速增長的新產品。該行稱,公司擁健康淨現金狀態及強勁經營現金流。屆去年底公司擁67億元人民幣淨現金,料其經營現金流在2021至2023年間年均複合增長達18.1%。大和補充,倘新產品擴張快過預期及疫情後戶外消費復甦,或推動公司收入及盈利預測向上重估。
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