《大行報告》大和下調日清食品(01475.HK)目標價至5.7元 評級「跑贏大市」
大和發表研究報告指,日清食品(01475.HK)首季毛利率及香港業務收入遜預期,但內地業務表現符合預測,原料成本上升導致經營溢利率下降。
管理層透露,第二季成本壓力仍然較高,但中國內地及香港的產品都已提價,隨着華東地區物流狀況改善,以及華南地區的需求4月份開始正常化,內地業務的需求壓力已經開始得到緩解,上海地區4月份更錄得強勁收入增長。
香港業務方面,首季的增長主要是由於第五波疫情所推動,再加上受到海外渠道補貨的支持,管理層有信心實現全年收入增長目標。大和維持對日清收入預測,計及較高的原材料成本,將2022至2024年毛利率預測降低4至5個百分點,並將2022至2024年淨利潤增長預測降低4%至5%,目標價由6.4元下調至5.7元,重申「跑贏大市」評級。
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