《大行》美銀證券降華潤飲料(02460.HK)評級至「中性」 目標價降至13.3元
美銀證券發表報告,將華潤飲料(02460.HK)評級由 「買入 」下調至 「中性」,因考慮到銷售增長前景疲弱及盈利能見度較低。2025和2026年每股盈利預測下調37%和27%,目標價由16.5元下調19%至13.3元。
該行指,中國的送餐補貼競爭帶動中低價現調飲料的銷售,對華潤飲料的水及飲料產品構成新挑戰。該行仍然認為公司的三步利潤擴張路線圖,即通過專注於內部生產優化生產、物流升級和高質量銷售與分銷開支對長期利潤預期良好。
然而,該行指,由於複雜的競爭勢態,公司必須將更多利潤再投資於渠道,以維持市場佔有率,而該行認為自救措施和原料成本下降的效益不足以彌補2025年的壓力。
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