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《大行報告》麥格理下調統一(00220.HK)目標價至9.8元 評級「跑贏大市」
阿思達克 05-12 09:48
麥格理髮表研究報告指,統一(00220.HK)今年首季淨利潤按年下跌13%至3.29億元人民幣,主要受到期內成本上升所影響。展望未來,公司將繼續減少促銷活動。 該行指出,首季收入增幅爲高單位數,在即飲茶及果汁產品推動下,飲料銷售表現較好,增長達雙位數。面類產品銷售額錄得高單位數增長,平均售價及銷量亦實現單位數增長。產品結構亦有改善,高端面食產品收入貢獻提升至40.9%。 麥格理預期疫情的影響延續至第二季,成本上升壓力仍未緩解,管理層亦預計飲料銷售將受到全國疫情所影響;麪條下遊需求強勁回升,統一預期麪條產品的促銷活動仍有減少空間。 麥格理維持對統一的「跑贏大市」評級,並將2022至2023年淨利潤預測分別下調12.8%及13.5%,目標價由11.2元降至9.8元,對應今年預測市盈率約25倍不變。
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