《大行》招商證券升統一(00220.HK)目標價至9.9元 維持「中性」評級
招商證券發表報告指,統一企業中國(00220.HK)上半年業績穩健,下半年仍存較大不確定性。目標價由9.2元升至9.9元,基於2026年中期預期市盈率17倍;當前估值反映了較為均衡的風險回報,維持「中性」評級。
報告指,公司在25年上半年表現穩健,營收增長10.6%,淨利潤按年增長33.2%,主要得益於原材料成本利好及營運效率提升。然而,該行仍維持此前下調評級時的中期審慎判斷,當時指出公司以銷量驅動的戰略面臨日益激烈的競爭壓力及執行風險。儘管管理層重申全年6至8%的銷售增長目標,並繼續強調長期品牌投入優先於短期價格促銷,但新的不確定性正在顯現,尤其是關於外賣平台補貼的規模與持續時間,自4月起已開始擾亂渠道格局。該行預計康師傅控股(00322.HK)也將面臨類似的不利因素。
報告指,由於統一暫無提價計劃,且在無糖茶等核心品類中的促銷力度持續加大,再考慮到原材料成本利好已基本釋放,認為增長與利潤率的上行空間有限。
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