大行評級|里昂:下調中國旺旺目標價至4.5港元 維持“跑輸大市”評級
里昂發表報吿指,中國旺旺截至3月底止2024財年利潤率高過市場預計,原因是90%的銷貨成本降低,包括奶粉、包裝等原材料和勞動力成本。該行預計公司2025財年毛利率繼續擴張,因為較低的奶粉成本在2025財年將持續6至9個月,而且在新渠道和海外市場的支持下,預期銷售額將温和增長。
里昂認為,該股6%至7%的收益率將為股價表現提供支持。以市盈率為估值基礎,目標價由5.25港元下調至4.5港元,維持“跑輸大市”評級。
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