研報掘金丨華創證券:維持海天味業“推薦”評級,目標價50元
華創證券研報指出,海天味業是不可多得的績優消費白馬,歷史上曾多次穿越週期,24年再一次證明其優異的經營與調整能力。短期來看,公司經營步入反轉,向上趨勢明確,有望持續10%左右增長,出海、新品等有望提供股價催化;而長期來看,烈火再驗真金,龍頭強者恆強,公司作爲調味品行業龍頭,未來份額提升具備一定確定性,同時低利率環境下值得更多確定性溢價。我們給予25-27年EPS預測1.29/1.43/1.58元,對應PE 爲32/29/26 倍,維持目標價50元,對應25年約39倍PE,維持“推薦”評級。而對於即將發行的港股,綜合考慮A/H折溢價影響、海天外資定價爲主,同樣給予目標價50.0港元。
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