You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》匯豐研究首次覆蓋海天味業(03288.HK) 評級「持有」目標價36.2元
阿思達克 08-04 13:53
匯豐環球研究指出,海天味業(03288.HK)於2025年6月19日完成H股上市,淨籌集104億港元,每股收益攤薄約5%。根據其H股招股說明書,海天是中國調味品行業的領導者,2024年在中國調味品市場的份額為4.8%(醬油佔13.2%,蠔油佔40.2%)。儘管對餐飲渠道的高度依賴可能導致銷售復甦面臨短期挑戰,該行認為海天長期將持續擴大市場份額。這將受以下因素驅動:1)強大的品牌影響力;2)廣泛的全國分銷網絡;3)成熟的產品組合;4)進一步的渠道整合與滲透;以及5)海外市場擴張。該行亦認為未來成本壓力有限,預計公司將受益於有效的成本控制措施。 匯豐環球研究上調海天味業2025年至2026年盈利預測,因2025年第二季銷售額下降預計將被毛利率提升所抵銷。受中國餐飲業低迷影響,2025年第二季需求有所減弱,因此該行將海天味業2025年收入預測下調約3%。由於2025至2026年原材料成本低於預期,該行預計其毛利率將有所提升。該行將公司2025及2026年盈利預測分別上調3%及4%。該行預計海天味業2024年至2027年淨利潤年均複合增長率為9.4%。 在限制期結束後,該行恢復對海天味業(603288.SH)A股覆蓋,評級為「持有」,並首次覆蓋H股,評級為「持有」,因餐飲需求短期面臨逆風。若餐飲需求復甦加速,該行可能對該股持更積極的看法。基於盈利調整及最新的現金流折現法(DCF)假設,該行將A股目標價上調12%,從36元人民幣調整至40.3元人民幣;採用2025年底人民幣兌港元匯率預測1.1及A股相對H股溢價22.4%(參考青島啤酒自2005年以來的平均A股相對H股溢價水平),該行得出海天味業H股目標價為36.2港元。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account