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《大行報告》美銀證券下調統一(00220.HK)目標價至8.5元 評級「買入」
阿思達克 03-08 16:03
美銀證券發表研究報告,指統一企業中國(00220.HK)去年銷售額按年增長10.8%,稅後淨利按年跌7.7%,符合該行預期,去年第四季扭虧爲盈,成爲過去十年來首個盈利的第四季度。 集團表示,未來在健康的渠道庫存支持下,今年可望實現可持續銷售增長。雖然原材料價格上漲將令短期毛利率受壓,但美銀相信統一透過提高利用率等內部管控措施有助抵銷部分成本上漲,併爲更長期的可持續增長做好準備。 美銀將統一2022至2023年每股盈利預測下調4%及2%,目標價由8.8元下調至8.5元,指出現價相當於預測2022年預測市盈率的17倍,較歷史平均水平低15%,股息率爲6%,在經濟下行週期中具防禦性,加上風險回報具有吸引力,重申「買入」評級。 美銀並預期統一今年首兩個月銷售趨勢健康,渠道銷售能力向好,支持公司對全年增長充滿信心,原材料價格上漲或進一步壓低今年毛利率水平,預期集團未來可能進一步提升產能利用率及減少飲品促銷活動。
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