智通财经APP获悉，统一企业中国(00220)涨超7%，截至发稿，涨7.35%，报9.64港元，成交额2516.63万港元。
中金发布研报称，统一企业中国公布1Q25经营情况，整体收入增长低双位数，净利润6.02亿元，同比+32%，超市场预期，主因饮料毛利率提升及费率收缩好于预期。该行预计1Q25公司毛利率同比提升约0.5ppt，其中饮料毛利率提升约2ppt，主要受益于PET、白糖等成本下降及产能利用率提升，面毛利率下降1ppt以上，主因棕榈油成本上涨拖累。1Q25公司销售费率同比下降约0.5ppt，主要由于面因成本上涨减少费用投入及费用投入效率提升。分品类看经营利润率趋势，该行预计饮料OPM提升较好，面OPM持平微降，由于饮料OP占比约9成，饮料利润率提升带动公司核心利润高增。
该行续指，据草根调研显示，受益于出行人次增加以及公司升级产品推广，4月公司面和饮料仍延续较好增长，且渠道库存保持良性。该行预计25年出行及新品推广等有利因素有望延续，而需求亦有望逐渐复苏，25年公司饮料收入有望持续较好增长、面增速有望改善。利润端，考虑饮料PET及白糖成本利好、产能利用率提升等，预计25年饮料利润率提升或有望带动整体利润率改善。中长期看，饮料行业较好景气度有望利好业绩持续成长，此外考虑行业龙头企业的利润诉求增强，预计面和饮料格局改善有望带动公司利润率稳中有升。
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