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研報掘金|中金:下調農夫山泉目標價至45港元 包裝水銷售短期承壓
格隆匯 07-24 16:03
中金髮表報吿,預測農夫山泉上半年收入按年有高單位數增長,主要由茶飲和果汁的良好表現驅動,淨利潤按年亦有高單位數增長,主要由於產品結構改善抵銷包裝水的不利影響,令淨利潤率保持平穩。收入表現符合預期,利潤表現或略超市場預期,主要因為產品結構改善帶來的利潤率提升好於預期。中金認為,其包裝水銷售短期承壓,長期或有望修復,飲料行業競爭力不斷強化,將今明兩年盈利預測分別下調7%及10%,考慮市場估值下行,目標價下調18%至45港元,對應今明兩年預測市盈率分別35.7倍及32.3倍,維持“跑贏行業”評級。
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