《大行》美銀證券升統一(00220.HK)目標價至10.6元 次季業績勝預期
美銀證券研究報告指,統一企業中國(00220.HK)上半年上半年收入及稅後淨利潤分別按年增長10.6%及33.2%,意味次季增幅分別達高單位數及35%,優於預期。核心業務穩固,食品及飲品上半年銷售分別按年升8.8%及7.6%,其他業務按年升91.6%,當中73%來自客戶代工(如胖東來及Sam’s Club)。
報告指,統一管理層審慎維持全年銷售增長6%至8%的指引,因內地外送平台補貼競爭對下半年無糖茶及奶茶產品增長構成短期挑戰。然而,該行仍然認為目標能夠輕鬆達成,因統一未有跟隨同行加價,市佔率持續提升;加上公司不斷推出升級版飲品,下半年渠道行銷投入更積極。此外,該行認為集團拓展代工業務,不僅可解鎖未來多年的增長機會,更有助強化集團對消費行業的洞察力,透過合作將消費趨勢變現為盈利。
基於上調增長預期,該行將統一2025及26年每股盈測分別上調7%及4%,目標價由9.3元上調至10.6元,並認為集團的穩固增長前景,以及逾6%的股息率可支持股價,重申「買入」評級。
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