You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》里昂首予安井食品(02648.HK)目標價66元 評級「跑贏大市」
阿思達克 07-09 12:14
里昂發表研究報告指,安井食品(02648.HK)的核心競爭力在其向餐飲企業銷售冷凍食品的業務,受惠於中國連鎖火鍋餐廳的普及,該業務板塊保持強勁增長。而安井食品營收增速放緩的主因之一,與中國餐飲業從2021至2024年的三年複合年增長率放緩至6%(較2016年至2019年的9%低)有關,儘管如此,里昂認為該板塊業務更具忠誠度。 而面對消費者市場業務,里昂認為中國食品外送業務競爭激烈且利潤率低,限制了其上升空間。公司轉向家庭消費市場正值價格戰,預計未來公司將更注重利潤率。里昂又認為,安井需要更多增長動力,但海外銷售的提升可能需要時間,因冷凍食品需要冷鏈運輸,當地生產更有利於保持成本優勢,同時意味著安井需在海外建廠或收購工廠,這比與渠道和市場合作更為複雜。 里昂預測安井食品2025年的營收和純利分別增長7%和16%,預計行業增長將持續放緩,並於2026年及2027年回歸正常,分別為10%和6%。里昂予安井9倍目標市盈率,約為其五年純利複合年增長率的1倍市盈增長率,而安井憑藉充足的現金,預計其66%的派息率將持續。 里昂首次予安井港股目標價66元,評級「跑贏大市」;另因港股相對安井(603345.SH)A股有有29%的折讓,並認為估值已反映增長放緩風險,維持安井A股「持有」評級,目標價80元人民幣。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account