金吾财讯 | 东北证券研报指，日清食品(01475)自1984年成立以来，深入耕耘方便面业务，定义全球方便面行业标准，引领高品质即时餐饮潮流。2024年营业收入38.12亿港元，净利润2.07亿港元。盈利能力稳定，期间费用率稳定，2024年毛利率增长至34.42%，最新季度销售净利率回升至10.45%，处于行业中上游。该机构对日清食品投资看点：1）核心业务业绩稳固，海外扩张提供新动能。方便面业务为营收提供核心支撑，其他食品业务构建多元补充，为业绩增长提供助力；持续的品牌创新加深厚的历史积淀，构建了独特的品牌护城河，保证了公司持续的竞争优势。2）业绩弹性坚韧，盈利积极复苏。公司营收和利润逐渐摆脱颓势，展现出积极的复苏劲头，内地业务持续保持高占比，增长趋于稳定，驱动收入扩张，毛利率稳定增长，渠道不断优化，市场加强渗透，促进盈利提升。3）费用控制持续占优，股息分红稳中向好。期间费用率持续优化，公司表现出高效运营能力，现金储备充足，业务现金流稳定，支撑持续的高分红。该机构预计公司2025-2027年EPS为0.27/0.31/0.34港元，对应PE分别为26X/22X/20X，首次覆盖，给予“买入”评级。
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