《大行》里昂微升統一企業中國(00220.HK)目標價至10.5元 上半年業績勝預期
里昂研究報告指,統一企業中國(00220.HK)上半年收入按年增長10.6%,較市場預期高2%,主要因代工收入增長。盈利按年升33%,較市場預期高出6至7%,受惠於銷售費用比率低過預期。管理層強調飲品競爭壓力延續至七月,並維持全年收入6至8%按年增長的指引。
該行認爲,雖然下半年飲品業務增速放緩,但被更高的代工收入及超預期的利潤率擴張所抵銷,將2025及2026年盈利預測分別上調5%及2%,目標價由10.3元調升至10.5元,相當預測綜合市盈率16倍,維持「跑贏大市」評級,並預期全年收入按年增8.5%,毛利率擴張0.5個百分點。
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