大行評級|花旗:康師傅市場份額流失堪憂 予其“沽售”評級及目標價10.1港元
花旗發表研報指,康師傅上半年集團銷售按年降3%,遠遜於統一按年增11%,並顯著落後於管理層25年全年指引;核心息税前利潤(EBIT)按年增13%,顯著低於統一企業按年增長37%,康師傅在飲料及麪食業務的銷售表現均大幅落後統一。康師傅持續疲弱的收入表現與連續市場份額流失一直是該行的結構性擔憂。花旗對康師傅的目標價為10.1港元,評級“沽售”。花旗在中國食品飲料領域的偏好順序不變,農夫山泉、統一併列首選,最後為康師傅。在消費品領域,花旗繼續偏好可持續增長模式,即穩健的收入增長與正向經營槓桿下的利潤率擴張,而非通過激進的平均售價上調(如康師傅在2024年所進行)實現的疲弱收入增長與毛利率擴張。
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