花旗发表研究报告，预期安井食品(02648.HK) 次季收入将恢复中单位数增长，相比起首季则按年下跌4%。虽然公司4月实现中高十位数的强劲复苏，但该行料5月增速将放缓至高单位数，6月销售额则按年持平。销售放缓主要因餐饮市场需求疲软，特别是受5月底起公务宴请禁酒令与奢华餐饮限制影响。在价格竞争加剧、促销与回扣增加下，该行料次季毛利率将持续按年下滑，净利润按年录中单位数跌幅。
基于需求转弱与竞争加剧，该行将2025至27年净利润预测下调7至13%，收入预测下调4至9%，并下调毛利率预测。预期2025年收入增长5%，净利润因毛利受压而持平；2026及2027年净利润分别增长8%及6%，由收入增长推动。A股(603345.SH) 目标价由98.8元降至至85.3元人民币，维持“买入”评级。而H股目标价设定较A股折让20%，首予H股目标价为75元，予“买入”评级。(ss/u)(港股报价延迟最少十五分钟。) (A股报价延迟最少十五分钟。)
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