《大行》里昂料农夫山泉(09633.HK)中期收入增15% 统一(00220.HK)净利润升26%

阿斯达克财经
31 Jul

里昂发表研究报告指,该行所覆盖多家内地饮品股将于8月公布中期业绩,预计农夫山泉(09633.HK) 上半年应该会在低基数和包装水业务复苏下录得15%的强劲收入增长,而统一(00220.HK) 的净利润将按年增长26%,收入则升8%。不过,康师傅(00322.HK) 去年产品提价后,市场分额有所下降,料上半年收入或按年下降3%,而华润饮料(02460.HK) 受促销活动导致的均价下降和不利产品组合的影响,料收入将跌8%,而且由于市场营销及促销开支增加,以及渠道调整,料公司的净利润将会下滑。
该行预期,行业自今年第二季起明显加剧,并料将持续至第三季,惟相信可在第四季放缓。该行相信,农夫山泉和统一上半年的业绩上或表现更佳,而下半年的主要催化剂是农夫山泉和华润饮料在包装水市场可能出现的结构变化。

里昂发表研究报告,对内地餐饮股投资评级及目标价表列如下:
股份 | 投资评级 | 目标价(港元)
华润饮料(02460.HK)  | 跑赢大市 | 14.2元
康师傅控股(00322.HK)  | 持有 | 13.1元 → 12.2元
统一企业中国(00220.HK)  | 跑赢大市 | 10.3元
(sl/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-30 16:25。)

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