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大行評級|麥格理:預期農夫山泉上半年銷售增長放緩至7.6% 目標價下調至26港元
格隆匯 07-11 14:13

麥格理髮表報吿指,預期農夫山泉2024年上半年銷售按年增長放緩至7.6%,純利跌4.6%,主因大力促銷及銷售渠道投資上升。該行亦料上半年毛利率收窄2.2個百分點至58%,折扣加大抵銷了成本下降的利好因素。

該行下調其2024、2025及2026年盈測20.4%、28%及30.8%,反映增長前景温和、競爭加劇致推廣費用沉重,目標價相應下調29%至26港元,評級由“中性”降至“跑輸大市”。該行預計,農夫山泉上半年收入增長放緩至單位數(2023年下半年為增長33%),主因集團陷入了其競爭對手娃哈哈網絡上的風波,其次是樽裝水產業競爭日益激烈。

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