《大行》花旗首予安井食品(02648.HK)目標價為75元及「買入」評級
花旗發表研究報告,預期安井食品(02648.HK)次季收入將恢復中單位數增長,相比起首季則按年下跌4%。雖然公司4月實現中高十位數的強勁復甦,但該行料5月增速將放緩至高單位數,6月銷售額則按年持平。銷售放緩主要因餐飲市場需求疲軟,特別是受5月底起公務宴請禁酒令與奢華餐飲限制影響。在價格競爭加劇、促銷與回扣增加下,該行料次季毛利率將持續按年下滑,淨利潤按年錄中單位數跌幅。
基於需求轉弱與競爭加劇,該行將2025至27年淨利潤預測下調7至13%,收入預測下調4至9%,並下調毛利率預測。預期2025年收入增長5%,淨利潤因毛利受壓而持平;2026及2027年淨利潤分別增長8%及6%,由收入增長推動。A股(603345.SH)目標價由98.8元降至至85.3元人民幣,維持「買入」評級。而H股目標價設定較A股折讓20%,首予H股目標價為75元,予「買入」評級。
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.