研報掘金丨建銀國際:上調農夫山泉目標價48% 對茶飲前景充滿信心
建銀國際發報告指,農夫山泉2024年淨利潤受水產品銷售下滑拖累,期內收入增長及毛利率均遜於預期。然而,該行相信,結合農夫山泉豐富的產品組合和雙品牌佈局,將繼續推動茶飲料市場的長期增長。該行維持農夫山泉“跑贏大市”評級,將其2025年盈測下調10%,以反映去年下半年集團較遜色的業績,及對其保守的利潤率較假設。該行估值,延伸至2025年,市盈率35倍估值,上調目標價48%,由32.7港元升至48.5港元。料公司在穩健的產品組合及強大的執行力支持下,對農夫山泉茶飲料的前景仍充滿信心。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.