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大行評級丨花旗:上調統一企業中國目標價至11.9港元 上調2025至27年淨利潤預測

花旗發表報告指,統一企業中國管理層上週在南寧舉行投資者會議後,對其2025至2027年的收入增長與利潤率前景更加樂觀。該行預計,統一企業中國強勁的收入增長將帶來正向經營槓桿效應,推動2025年全年銷售及管理費用佔比按年降低,且淨利潤增速將大幅快於收入增長。

花旗引述管理層重申其飲料與方便麪業務均不採取按年提價策略,疊加新品上市,該行預計2025年飲料銷售額增速將超過集團整體收入增長。基於收入預測獲上調1%及銷售費用比率預測獲下調,該行對其2025至27年各年淨利潤預測分別上調4%、4%及8%。採用10.2%加權平均資本成本及4%永續增長率的現金流折現率(DCF)估值模型計,目標價從10.22港元上調至11.9港元,維持“買入”評級。

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