《大行報告》瑞信升康師傅(00322.HK)目標價至18.5元 評級「跑贏大市」
瑞信發表報告,料康師傅(00322.HK)2021年下半年即食麪收入按年增長達到中至高單位數,而飲料收入增長爲雙位數。該行認爲,2021年下半年即食麪的毛利率跌幅應較上半年大幅收窄,但飲料毛利率壓力料按年加劇,相信公司有望在2021年實現淨利潤按年錄單位數下降的指引。
瑞信認爲,康師傅的競爭對手在零售層面上的即食麪加價幅度不明顯,令康師傅對短期內再加價持更謹慎的態度。在2021年第三季度加價後,中價位面的市場份額連續受到適度壓力,而該行調查顯示,其經典產品的渠道或零售利潤率似乎足以消化出廠價格的上漲。
瑞信將康師傅2021年至2023年的盈利預測上調1%至3%,主要是基於飲料產品的優勢,並將目標價從16.9元上調至18.5元,維持評級「跑贏大市」。
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