《大行》星展:康师傅(00322.HK)即食面及饮品市占在加价后受影响 下调目标价至13.5元

阿斯达克财经
Sep 29

星展报告指,康师傅(00322.HK) 大碗与经典系列即食面及1升装饮品去年加价后,两者市占对比同业如统一企业中国(00220.HK) 农夫山泉(09633.HK) 转差。该行对公司销售作更审慎假设,料今年收入按年轻微下跌,明年则温和复苏4%,受惠于雪柜投资强化渠道渗透,以及新兴渠道战略性增长,包括电商及零售商会员。
该行料公司今年业绩仅及指引下限,即食面销售料低单位数下跌,饮品销售亦略为下跌。该行预期原材料成本趋势维持大致有利情况,譬如胶樽、面粉及糖,纵使棕榈油价格仍按年上升,利润率料于下半年维持稳定扩张。总计下调对公司今明两年盈利预测4%及1%。扣除上半年一次性因素。全年盈利料按年升6%。对康师傅目标价由14.1元降至13.5元,目标预测市盈率维持17倍,基于7厘股息维持“买入”评级。(fc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-09-29 12:25。)

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