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《大行》高盛升農夫山泉(09633.HK)目標價至48元 重申「買入」
阿思達克 07-28 11:16
高盛研究報告指,料農夫山泉(09633.HK)今年上半年銷售額達254億元人民幣(下同),淨收入達73億元,分別按年升15%與17%,大致符合該行先前預期。展望下半年,該行認為基於低基數效應,加上集團的產品創新能力及靈活的渠道和行銷策略,業績有望持續改善。 該行提到,關注主要競爭對手娃哈哈近期面對輿論壓力及杭州地方政府潛在介入可能帶來的消費者遷移機會。據推算,娃哈哈市佔率每流失1個百分點,對應的零售價值約為23億元或收入影響約10億元,約等同農夫山泉去年包裝水銷售額的6%;而經營利潤影響約9,000萬元,佔農夫山泉飲用水業務經營利潤約1.8%。 該行將農夫山泉2025至27年收入預測上調1%至3%,基於飲用水增長預測上調2%至7%,並將同期盈利預測上調3%至9%,因利潤率表現較好。最新料2025全年銷售額及淨利潤分別按年升17%及20%,2026年升14%及16%;目標價由43.6港元升至48港元,重申「買入」評級。
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