招商证券国际发表研究报告指，自统一(00220.HK) 发布去年第三季财表以来，其股价已累升逾20%，由于去年下半年表现略逊预期，目前风险回报趋向更加平衡。展望2025年该公司在面对市场竞争与经营策略执行方面不确定性增加，该行表示，统一与已提价的康师傅(00322.HK) 的零和博弈目前难以判断何方将胜出，因此将抱观望态度，并将统一的评级下调至“持有”。
招商证券国际将统一今明两年收入预测平均下调2%，2025年毛利率及经营利润率预测分别下调0.1及0.8个百分点，以反映预期增加的品牌营销开支和冰箱覆盖范围扩大，目标价则从8.3元升至9.2元，对应今年预测市盈率约17.5倍。(gc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-06 16:25。)
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