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《大行報告》裏昂下調統一(00220.HK)目標價至8.4元 評級「跑贏大市」
阿思達克 03-09 13:51
裏昂發表報告指,統一企業中國(00220.HK)去年收入按年增長11%,純利則跌8%,意味第四季有盈利能力,爲自2012年以來首次。另外,集團去年下半年飲品銷售增長放慢至10%,但即食食品則見反彈,收入及經營利潤按年分別增長20%及221%。 展望今年,該行預期集團的復甦將會持續,主因疫情再次升溫,及去年上半年即食麪業務的比較基數較低。不過,由於原材料價格上升、缺乏對衝方法及沒有加價時間表,料集團今年的毛利仍會有挑戰。 裏昂下調統一股份目標價,由8.8元降至8.4元,評級維持「跑贏大市」,今明兩年收入預測調升2%,主因即食食品的假設提高,至於盈利預測則分別降低9%及6%,以反映毛利率進一步倒退。
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