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《大行報告》高盛上調頤海國際(01579.HK)目標價至25.6元 評級「買入」
高盛發表研究報告指出,頤海國際(01579.HK)管理層預計今年收入錄雙位數增長,跑贏行業,公司將繼續專注於發布新產品、低線城市滲透和改善供應鏈。對於第三方銷售,管理層料火鍋調味料業務仍是公司主要收入來源,而方便速食食品的增長將主要依賴增加新產品。隨著海底撈(06862.HK)門店的重新開業,預計關聯方銷售額將在今年強勁復甦,毛利率穩健。 此外,該行引述頤海國際管理層料今年公司毛利率將有所改善,主要由於成本壓力有所緩解及更佳營銷投資策略,抵銷不利組合的影響。 高盛基於頤海國際去年業績超預期以及管理層言論,將公司2023至2025年的盈利預測上調7%至11%,認為公司的產品組合改善、火鍋調味料的收入貢獻增加,與銷售費用率下降。另估計公司今年上半年的銷售及純利分別增長14%及22%。對其目標價由21.6元上調至25.6元,維持「買入」評級。
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