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《大行》 華泰證券升農夫山泉(09633.HK)目標價至53.59元籲買入
阿思達克 07-22 10:47
華泰證券研究報告指,今年以來,內地包裝水行業的競爭按年緩和,輿論事件的影響散去後,農夫山泉(09633.HK)重拾份額;今年無糖茶市場競爭仍然激烈,但旗下東方樹葉通過1元樂享活動積極參與競爭,市場份額在高位小幅提升;新品方面,公司加大對於NFC果汁的投入力度,已和山姆、胖東來等新興渠道合作,同時公司推出新品冰茶。 利潤方面,今年行業成本紅利有望延續,對公司毛利率有正向貢獻,同時公司費用率有望按年收窄,包裝水業務費用率預計按年下跌,主要因綠瓶純淨水的補貼有所減少,即飲茶業務的費用率預計按年平穩,整體利潤彈性有望顯現。 該行予「買入」評級,目標價由42.5港元上調至53.59港元,並上調2025至27年每股盈利預測4%至1.29、1.45及1.59元人民幣。
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