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《大行報告》富瑞下調統一(00220.HK)目標價至8.02元 第三季淨利潤符預期銷售略遜
阿思達克 11-10 09:58
富瑞發表報告指,統一企業中國(00220.HK)第三季整體銷售按年升低單位數,受惠飲料持續增長及食品下跌幅度較小,略遜於預期;第三季毛利率按年改善1%,受惠原材料價格及較少推廣,而食品及飲料業務毛利率均錄得正增長,其中食品毛利率擴張約中單位數。該行指,第三季純利按年升11.2%至5.91億元人民幣,符合預期,其中食品及飲料利潤率按季改善,而首三季純利按年升5.7%。 該行指,統一管理層有信心由今年第四季至明年1月期間起錄得正增長,主要是今年第四季為飲料銷售淡季,公司近期於餐飲渠道及新年禮物包上加大投資,從而帶動銷售,但並不想對第四季表現持過度樂觀的態度。 富瑞相信,基於基數影響及宏觀環境影響,第四季銷售增長或較預期困難,但原材料價格持續較低或有助利潤率擴張。該行將統一企業中國目標價由8.62元下調至8.02元,維持「買入」評級。(ca/w) ~
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