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《大行》大和降統一(00220.HK)評級至「跑贏大市」 目標價下調至9.8元 未來利潤率可見度低
阿思達克 08-07 10:09
大和研究報告指出,該行參與了統一企業中國(00220.HK)上日(6日)舉行的2025年上半年業績電話會議。公司2025年第二季核心盈利年增35%至6.85億元人民幣,儘管今年上半年收入年增10.6%,管理層維持全年收入年增6%至8%的目標,意味因飲料行業競爭加劇,2025年下半年面臨壓力。 同時,大和預期統一下半年營運利潤率擴張速度將慢過上半年,因第三季促銷成本、飲料代工業務快速增長、產品組合不利變動(轉向泡麵)、以及棕櫚油價格逆風影響。大和將該股評級從「買入」下調至「跑贏大市」,因目標價上行空間減少。以目標市盈率維持17倍計,目標價從10元下調至9.8元。 大和將統一2025至2027年每股盈測下調2%至5%,因預期期內營運利潤率擴張放緩。
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