《大行》花旗降康師傅(00322.HK)目標價至9.85元 評級「沽售」管理層持續低估競爭壓力
花旗發表報告指,康師傅(00322.HK)管理層再次下調2025年全年銷售指引,從原先的「低至中單位數增長」下調至「按年持平」,原因是上半年銷售未達預期以及飲料業務在2025年第三季度預計持續面臨競爭壓力。目標價由10.1元降至9.85元,評級「沽售」。
花旗指,康師傅過去三年在半年銷售未達標後下調全年銷售指引的記錄,可能反映管理層持續低估競爭壓力及對其激進同店價格上漲執行能力的過分樂觀。在消費必需品領域,該行繼續偏好具備可持續增長的模式,即穩健的收入增長配合利潤率擴張,而非收入疲軟但毛利率通過激進的平均售價上調得以擴張,即康師傅採取的方式。
該行在中國食品飲料行業的偏好順序保持不變,為農夫山泉(09633.HK)及統一企業(00220.HK)>康師傅。
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