《大行報告》中金上調農夫山泉(09633.HK)目標價至55元 評級「跑贏行業」
中金發表研究報告指,預計農夫山泉(09633.HK)今年上半年收入增長約22%,勝於市場預期,其中主要由茶飲和果汁的良好表現驅動。該行料公司淨利潤按年增25%,主要由於毛利率按年增加帶動淨利率提升,超過市場預期。
該行料集團上半年毛利率按年提升1至2個百分點,PET價格由於去年同期低價庫存基本平穩,而其他包裝材料如紙箱等價格下降利好毛利率提升,產品結構方面較高毛利率的茶飲佔比亦持續提升,又預計費用率或略為提升,但被毛利率升幅充分抵銷,淨利潤按年增約25%。
中金考慮到銷情及成本下降勝於預期,分別上調2023及24年的盈利預期9.9%及10.1%,升目標價5.8%至55元,維持「跑贏行業」評級。
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