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《大行報告》瑞信下調頤海國際(01579.HK)目標價至26.6元 評級「中性」
阿思達克 07-06 14:09
瑞信發表研究報告指出,預期頤海國際(01579.HK)上半年銷售增長1%,第三方及關聯方銷售分別按年增長12%及跌20%。基於部分複合調味品或方便食品的減價,預期上半年第三方業務毛利率按年跌3個百分點。假設關聯方業務毛利率及費用率穩定,料上半年公司純利按年跌15%。 根據該行渠道調查,頤海國際的複合調味品和方便食品在第二季在部分地區的銷售及需求有所改善,主要受惠於家庭消費增加和產品持續創新。惟該行認爲公司長期毛利趨勢維持不明朗,並看淡其複合調味品業務,因消費者口味不斷改變及消費頻率偏低,其市場規模似乎沒有市場預期般大。而基於該分部的市場準入門檻偏低,意味着持續的劇烈競爭及毛利壓力。 瑞信對頤海國際的2022及2023財年盈利預測分別下調20%及23%,以反映公司產品減價、需求疲弱及通脹成本,目標價由39元降至26.6元,維持「中性」評級。
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