大行評級|中銀國際:上調中國旺旺目標價至6.2港元 預計毛利率能進一步攀升
中銀國際發表報吿指,雖然消費市場受壓,但旺旺憑着強勁的成本管控舉措,以及原材料價格走低,2024財年業績與該行預期一致。該行認為業績反映旺旺的產品比起大部分乳製品同業而言更能抗週期,以及更具韌性。在下一財年,中銀國際預期旺旺能繼續受益於低價奶粉庫存,因此預計其毛利率能進一步攀升,料2025財年毛利率達47.2%,創四年新高,支持盈利增長。該行看好旺旺對股東回報的承諾,以及其防守性質。在2025財年能預期有7%的股息收益率以及26%淨資產收益率的前提下,認為現在11倍25財年市盈率的估值吸引,重申“買入”評級,目標價由6港元升至6.2港元。
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