《大行》中銀國際:康師傅(00322.HK)中期業績符預期 維持「買入」評級
中銀國際發表報告指,康師傅(00322.HK)上半年總收入按年下降2.7%至400.92億元人民幣,較該行預期低1%,經調整淨利潤按年增長12%至21.12億元人民幣,較該行預期高1%。兩大核心業務收入均按年下滑,主要由於漲價後市場份額有所流失;渠道結構變化帶來負面影響,尤其在外賣競爭加劇的背景下更為明顯。盈利能力擴張趨勢保持不變。
報告指,公司上半年毛利率按年上升1.8個百分點至34.5%,受益於原材料成本下降及生產效率提升,盈利能力擴張態勢得以延續。維持「買入」評級,目標價13.8元。
該行認為康師傅上半年營收承壓已被市場消化,公司或重申2025年全年經調整淨利潤實現雙位數按年增長的目標,該目標仍有望實現。此外,公司當前股息率具吸引力,2025年預估股息率超過7%。
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