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　　招商证券发布研报称，统一企业中国（00220）上半年业绩稳健，下半年仍存较大不确定性。目标价由9.2港元升至9.9港元，基于2026年中期预期市盈率17倍；当前估值反映了较为均衡的风险回报，维持“中性”评级。

　　报告指，由于统一暂无提价计划，且在无糖茶等核心品类中的促销力度持续加大，再考虑到原材料成本利好已基本释放，认为增长与利润率的上行空间有限。公司在25年上半年表现稳健，营收增长10.6%，净利润同比增长33.2%，主要得益于原材料成本利好及营运效率提升。然而，该行仍维持此前下调评级时的中期审慎判断，当时指出公司以销量驱动的战略面临日益激烈的竞争压力及执行风险。尽管管理层重申全年6至8%的销售增长目标，并继续强调长期品牌投入优先于短期价格促销，但新的不确定性正在显现，尤其是关于外卖平台补贴的规模与持续时间，自4月起已开始扰乱渠道格局。

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