《大行報告》匯豐研究下調統一企業中國(00220.HK)目標價至10元 評級「買入」
匯豐研究下調統一企業中國(00220.HK)目標價,由10.7元降至10元,維持「買入」評級。該行亦下調對公司今年盈利預測8.7%,但上調對公司明年盈利預測0.4%。
該行指,公司中期淨利潤較該行及市場低30%及49%,毛利率亦顯著低於該行及市場預期。該行認為毛利率跌幅超預期原因在於原材料價格上升及不利的產品組合。其中棕櫚油及飲料瓶材料成本分別較去年升40%及15%,高毛利飲品銷售佔比亦按年跌1.2個百分點至59.2%。
該行認為有三項因素推動下半年業績改善,第一是新冠防疫解除後飲品銷售重拾增長動力,第二是棕櫚油及飲料瓶材料價格分別從上半年高位回落近50%及16%,第三是公司高端化策略應能繼續推動毛利率擴張。
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