《大行》招銀國際削華潤飲料(02460.HK)目標價至12.85元 維持「買入」評級
招銀國際發表研究報告指,華潤飲料(02460.HK)今年上半年收入、淨利潤按年下降18.5%、29%,符合盈利預警,預期全年收入降幅將收窄,因2024年下半年基數低且7至8月銷售呈正增長。
該行指其產能擴張按計劃進行,但正面影響受銷售壓力抑制。由於深入的渠道改革正在進行,預計於2026年完成,招銀國際預期兩者的綜合效益將於2026財年或之後顯現;並將目標價由原先18.61港元大幅下調41%至12.85港元,以反映盈利壓力,新目標價相當於預測2026年市盈率18倍,維持「買入」評級。該行料其長遠受惠於產能擴張及渠道改革。
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