《大行》里昂:娃哈哈爭產案或利好農夫山泉(09633.HK)及華潤飲料(02460.HK)
里昂證券發表研究報告指,娃哈哈已故創辦人宗慶後家族爆發爭產案,事件可能影響集團產品銷售及市場份額,而同業農夫山泉(09633.HK)及華潤飲料(02460.HK)則有望從中受益,市場份額加快增長。
報告指出,娃哈哈引發外界對宗慶後公眾形象及公司管治的負面看法,或導致消費者偏好改變。渠道數據顯示,娃哈哈瓶裝水線上銷售額已顯著下降,7月首周日均銷售額為7.5萬至10萬元人民幣,而7月18至19日已降至介乎2.5萬至5萬元人民幣。對比今年農夫山泉自3月起銷售瓶裝水以來錄得強勁雙位數增長,預期其市場份額正逐步回升,同時華潤飲料亦可能從中分一杯羹。
里昂表示,自3月起列農夫山泉為首選股,看好其業務復甦勢頭強勁,給予「高度確信跑贏大市」評級,目標價為45元。該行認為華潤飲料今年瓶裝水銷售穩定,利潤率擴張仍是其主要增長動力,同予「跑贏大市」評級,目標價17.7元。
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