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大行評級|交銀國際:上調農夫山泉目標價至58.7港元 維持“買入”評級

交銀國際表示,農夫山泉去年銷售額及淨利潤按年升28%及42%,其中淨利潤較市場預期高13%。單計去年下半年,公司銷售額按年升33%,較上半年的23%增速加快。毛利率擴張亦由去年上半年的0.9個百分點增至去年下半年的3.4個百分點,全年毛利率升2.1個百分點至59.5%,淨利潤率升至28.3%歷史高位,受惠於原材料價格下降,產品結構優化及逐漸在水源地設廠減低物流倉儲成本。

該行預期,隨着紙箱、標籤等原材料成本下降及鎖定PET物料成本,料公司今年上半年毛利率穩定。報吿引述管理層指,去年淨利潤率創新高有一定偶然性,長期應回覆至23%至25%合理區間。該行上調對農夫山泉目標價,由51.8港元上調至58.7港元,維持“買入”評級。

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