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《大行》大和:康師傅(00322.HK)上半年核心盈利大致符預期 評級「跑輸大市」
阿思達克 08-12 10:28
大和發表報告指,康師傅(00322.HK)上半年營收較去年同期減少2.7%,但核心盈利則較去年同期增長12%,主因是毛利率由去年同期的32.6%擴大至34.5%。該行注意到營收比市場預期低2%,但核心盈利大致符合市場預期,歸功於較預期強勁的毛利率擴張。 在不同的產品線中,康師傅上半年業績的唯一亮點是碳酸飲料,可能是由於公司受惠於其最大競爭對手可口可樂加價,以及中國整體碳酸飲料消費的復甦。展望未來,該行認為公司的利潤擴張前景將面臨越來越大的阻力,原因包括康師傅加價(於2024年4月及7月加價)的尾風將減弱,因為按年比較基數效應已正常化;及中國軟飲料行業的競爭加劇,尤其是夏季新鮮飲料的強勁勢頭。對該股評級為「跑輸大市」。
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