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《大行》高盛降華潤飲料(02460.HK)評級至「中性」 目標價下調至12.1元
阿思達克 07-28 10:58
高盛發表研究報告指,華潤飲料(02460.HK)日前發盈警,預料上半年盈利將按年下跌20%至30%,主要由於市場營銷投入增加、產品組合調整及渠道改革,公司預期下半年將維持營銷及渠道投資力度,從而在持續激烈的競爭環境中維持穩定市場份額。 高盛表示仍看好華潤飲料的區域飲料業務擴張及滲透潛力,相信生產效率提升將推動包裝水業務利潤重拾擴張,但由於銷售及渠道調整需時見效,將投資評級由「買入」下調至「中性」,目標價由16.4元降至12.1元。高盛將華潤飲料2025至2027年銷售預測下調約5%,以包裝飲用水銷售預期下調約6%,估計促銷及渠道投資增將導致2025年毛利率收窄1.6個百分點,相應將盈利預測下調26%至27%。
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