《大行報告》瑞銀:旺旺(00151.HK)年度收入符預期 維持「買入」及上望8.2元
瑞銀發表研究報告指,旺旺(00151.HK)截至今年3月底止年度收入及淨利潤分別按年增長9%及1.1%,收入增長符合預期,但由於成本通脹高於預測,淨利潤表現較該行預期低2%。
該行指出,去年銷售表現具韌性,按產品種類劃分,乳製品、米果及零食銷售分別增長0.2%、17%及1.6%,相信是由於新渠道滲透率不斷提高、品牌推廣活動以及疫情後乳製品需求強勁所帶動。但同時由於原材料價格上漲,毛利率受壓,公司已將70%產品的平均售價提高數個百分點,預期2023財年起加價。
管理層又預計,原材料成本上升將為2023財年的毛利率持續帶來壓力,將通過改善經營槓桿及加價來部分抵銷。瑞銀重申對旺旺的「買入」評級,維持目標價8.2元。
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