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大行評級丨建銀國際:下調農夫山泉目標價22% 維持“跑贏大市”
格隆匯 07-30 10:08

建銀國際發報吿指,下調農夫山泉(9633.HK)目標價22.3%,從48港元至37.3港元。調低該公司2024和2025財年盈利預測3%和1%,反映出2024財年上半年包裝水錶現令人失望,壓制住茶飲料銷售的強勁勢頭。維持評級跑贏大市。該行指出,農夫山泉2024財年上半年表現差於預期。下調對農夫山泉上半年包裝水收入預測,從增長9%削至下降17%,考慮到由於4-5月的網上抵制造成銷量急劇下降。抵制的規模強於預期,導致該公司不得不提供更多折扣,造成平均銷售單價下降。儘管茶飲料銷量增加,但還是不足以抵消,因此下調對該公司2024財年上半年的銷售增長預測,從14%降至8%,持續不斷的折扣,導致該行將對該公司的毛利率預測從60.2%降至59.9%。

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