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《大行》里昂:因內地競爭加劇 降維他奶(00345.HK)目標價至9.4元
阿思達克 06-25 10:36
維他奶國際(00345.HK)週二(24日)公佈截至今年3月底止全年業績,純利2.35億元,按年升101.7%;收入62.74億元,按年升0.9%。 里昂研究報告指,維他奶國際2025財年淨利潤,較該行預測低4%。另外,因中國內地飲料行業競爭加劇,該行基於不變的8.1%加權平均資本成本(WACC),下調現金流量折現(DCF)基準,將其目標價從9.6元下調至9.4元,維持「持有」評級。 報告指出,里昂注意到中國大陸飲料行業的競爭加劇,多家領先企業採取營銷活動,提供抽獎活動,使客戶能以極低價格(例如每瓶1至2元人民幣(下同))回購產品。維他奶表示,2024財年下半年因應競爭,對維他茶價格下調10%至15%後,無意進一步降價,並計劃通過改善執行力、創新和分銷來擴大市場份額。里昂指,儘管策略似乎有長遠前景,但需要時間,因此對其短期銷售表現保持謹慎。 里昂認為,維他奶在2025財年錄得顯著的淨利潤率擴張,主要得益於有利的原材料成本、改進的生產和營運效率,並計劃在2026財年維持按年銷售和盈利能力。而維他奶短期內營銷成本的節省可能成為穩定盈利能力的驅動因素。 考慮到2025財年下半年的業績以及中國內地競爭加劇的壓力,里昂將維他奶2026至2027財年的銷售及淨利潤預測,分別下調5%和17%。
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