《大行》瑞銀:華潤飲料(02460.HK)發盈警遠遜預期 料市場反應負面
瑞銀發表報告指,華潤飲料(02460.HK)預計上半年淨利潤將按年減少約20%至30%,低於市場預期按年增長雙位數。該公司管理層在隨後的分析師和投資者會議上表示,淨利潤下降的主要原因是包裝水行業競爭加劇,要求更高的銷售與分銷(S&D)開支;產品組合的變化導致毛利率下降。
該行預計,華潤飲料的盈警將對整體飲料行業帶來負面影響。同時亦注意到華潤飲料計劃派發中期股息。該行亦預計,市場對華潤飲料的盈警反應負面,因大幅遜市場預期。
另外,該行管理層並無提供任何具體指引,但預期下半年的競爭形勢仍不明朗。管理層重申深化渠道改革,重點發展網上、家居、餐飲渠道等。
瑞銀對華潤飲料目標價為18.03元,評級「買入」。
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