《大行》瑞銀:中國飛鶴(06186.HK)發盈警初步業績遜預期 料投資者反應負面
瑞銀表示,中國飛鶴(06186.HK)發布2025年上半年利潤警告,預計收入按年下降8%至10%至91億至93億元人民幣,淨利潤按年下降37%至47%至10億至12億元人民幣。初步業績顯著低於市場預期,反映出收入表現低於預期及利潤率壓縮。鑑於盈利未達預期的幅度和股息指引的下調,該行預計投資者將做出負面反應。
瑞銀指出,飛鶴收入未達預期主要歸因於其生育補貼計劃的推出,減少了消費者支出並影響銷售;為支持公司「新鮮、萃取、活性營養」計劃而進行的跨渠道戰略庫存削減,旨在提升產品質量和貨架新鮮度。在盈利能力方面,純利進一步受政府補貼減少、奶粉產品相關減值費用以及生育補貼計劃相關的高額銷售費用的壓力。該行予公司「買入」評級,目標價7.4元。
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