《大行報告》大摩降康師傅(00322.HK)評級至「與大市同步」 目標價下調至13元
摩根士丹利發表報告,預計原材料價格上升對康師傅(00322.HK)利潤率帶來很大壓力,尤其是在今年上半年,如果能夠轉嫁成本,情況可能在下半年得以改善。該行將其評級由「增持」降至「與大市同步」 ,目標價由17.8元下調至13元。
報告指,去年飲料是康師傅主要增長動力,公司正對瓶裝水加價低至中單位數,碳酸飲料加價單位數,預計今年飲料業務收入按年增長10%至494億元人民幣(下同),佔總收入的63%。
該行將其2022和2023年的淨利潤預測分別下調30%和25%,估計今年淨利潤將按年下降17%至30.8億元,原材料成本是一個關鍵的不確定因素,亦需要關注價格上升的傳導性。該行假設若原材料價格在今年下半年逐步回落,全年的毛利率將按年下降1.4個百分點至29%。
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