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《大行報告》瑞信下調旺旺(00151.HK)目標價至7.5元 評級「中性」
阿思達克 07-25 11:05
瑞信發表報告下調旺旺(00151.HK)目標價,由7.9元降至7.5元,評級維持「中性」。該行上調集團今年銷售預測5%,惟下調其今年淨利潤預測2%。該行預測旺旺明年及2024年銷售年複合增長率為3%,2021至2024年淨利潤年複合增長率為5%。 該行看好旺旺多品牌及全渠道策略,預期集團未來數年銷售增長將回復至低至中單位數。該行亦指,集團今年起對旗下七至八成產品作中至高單位數加價,正於未被封城影響的內地城市進行,而在早前封城城市的提價活動已接近完成。但管理層仍預期毛利率全年受壓,主要受原材料價格急漲影響。 該行表示,公司毛利率在對上財年收縮3.4個百分點,預期本財年將進一步收縮50基點至44.3%。
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