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《大行報告》招商證券國際降統一(00220.HK)目標價至6.1元 評級「增持」
招商證券國際發表報告指,統一(00220.HK)去年下半年銷售流水為140億元人民幣(下同),按年下降 2.1%,較招證國際預測低7%。雖然公司管理層預計2024財年營收將實現雙位數按年增長,但該行較為保守,預計按年增長9.2%。由於截至2024財年,公司的大部分原材料價格持續下跌,該行預測統一毛利率將繼續擴張,按年增加0.8個百分點。 整體而言,該行將2024和2025財年每股盈利預測分別下調4%和5%。基於2024財年每股盈利15倍的目標倍數,之前預測為17倍,將目標價從6.5元下調至6.1元。同時預計公司正常化每股盈利到2026財年複合年增長率為15.1%,該行認為15倍的市盈率是合理的。 招商證券國際指,雖然公司2023財年的派息率為108%,較前兩年的120%有所下降,但仍然是高收益,預計2024財年收益率為8.2%。憑借其強勁的現金流,該行預計公司派息率未來將保持至少100%。維持「增持」評級。
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