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大行評級|里昂:首予安井食品H股目標價66港元及“跑贏大市”評級
里昂發表研究報告指,安井食品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,里昂認爲該板塊業務更具忠誠度。而面對消費者市場業務,里昂認爲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。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年迴歸正常,分別爲10%和6%。里昂首次予安井H股目標價66港元,評級“跑贏大市”;維持安井A股“持有”評級,目標價80元。
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