《大行》高盛降康師傅(00322.HK)目標價至13.8元 管理層下調全年銷售指引
高盛研究報告指,康師傅(00322.HK)管理層更新全年指引,最新料全年銷售持平至增長低單位,而原先指引為低至中單位數增長;料經常性淨利潤維持雙位數增長,而今年上半年升幅為12%。業務而言,管理層預期即食麵業務下半年恢復正增長,目標全年亦實現正增長。至於飲品,預期有氣飲品將有正增長,而非有氣飲品跌幅收窄。
成本方面,管理層料棕櫚油全年價格有低十位數升幅,但同時塑膠(PET)、糖及麵粉成本有中單位跌幅。下半年集團將持續聚焦輕投資及精簡行政費用,以提升2026年的經營利潤率。
該行最新料康師傅2025及26年淨利潤為43億及46億元人民幣,按年增15%及9%,淨利潤率改善至5.2%及15.8%;考慮到競爭加劇導致銷售管理費用率上升,將2025至27年經常性淨利潤預測下調4至6%。目標價由14.6元下調至13.8元,維持「買入」評級。
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