大行評級|里昂:下調維他奶目標價至9.4港元 對其短期銷售表現保持謹慎
里昂發表研究報告指,維他奶國際2025財年淨利潤較該行預測低4%。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%,目標價從9.6港元下調至9.4港元,維持“持有”評級。
報告指出,里昂注意到內地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)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。
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