康师傅控股(00322)反弹逾3%，截至发稿，涨3.42%，报11.5港元，成交额1.47亿港元。
消息面上，星展发布研报称，下调康师傅2025年及2026年收入预测4%，但将毛利率预测上调1个百分点以上，特别是即饮饮料业务方面，尽管2025年下半年棕榈油成本压力上升。该行预计康师傅在下半年将实现7%的核心盈利增长，对比上半年的按年升12%，主要受惠于成本控制，并料2024至2026年年均复合增长率10%。该行上调康师傅今明两年盈利预测5%及1%，反映其他收入增加。
里昂认为，康师傅管理层提供了新的2025财政年度营收指引目标，为按年持平至低单位数，核心净利按年增长率达双位数。展望下半年，该行仍认为竞争格局和饮料复苏仍存在不确定性，因此其收入预测略低于公司指引目标。然而，由于有更好的成本控制空间，里昂认为康师傅利润增长的能见度较高，且认为其双位数核心利润增长指引目标应该可以达到。
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