《大行》里昂料農夫山泉(09633.HK)中期收入增15% 統一(00220.HK)淨利潤升26%
里昂發表研究報告指,該行所覆蓋多家內地飲品股將於8月公佈中期業績,預計農夫山泉(09633.HK)上半年應該會在低基數和包裝水業務復甦下錄得15%的強勁收入增長,而統一(00220.HK)的淨利潤將按年增長26%,收入則升8%。不過,康師傅(00322.HK)去年產品提價後,市場分額有所下降,料上半年收入或按年下降3%,而華潤飲料(02460.HK)受促銷活動導致的均價下降和不利產品組合的影響,料收入將跌8%,而且由於市場營銷及促銷開支增加,以及渠道調整,料公司的淨利潤將會下滑。
該行預期,行業自今年第二季起明顯加劇,並料將持續至第三季,惟相信可在第四季放緩。該行相信,農夫山泉和統一上半年的業績上或表現更佳,而下半年的主要催化劑是農夫山泉和華潤飲料在包裝水市場可能出現的結構變化。
里昂發表研究報告,對內地餐飲股投資評級及目標價表列如下:
股份 | 投資評級 | 目標價(港元)
華潤飲料(02460.HK) | 跑贏大市 | 14.2元
康師傅控股(00322.HK) | 持有 | 13.1元 → 12.2元
統一企業中國(00220.HK) | 跑贏大市 | 10.3元
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