建银国际：上调万洲国际(00288)目标价至9.2港元维持“跑赢大市”评级

智通财经

Oct 31, 2025

智通财经APP获悉，建银国际发布研报称，略上调万洲国际(00288)目标价2.2%，从9港元升至9.2港元，维持“跑赢大市”评级。该行基于中国市场销售通路有效拓展，收入前景更加乐观，将2025及2026财年的核心盈利预期均上调2.4%。同时，由于原料成本波动，对该公司经营利润率的假设也比较保守。该行重申该公司的综合业务模式强劲的执行能力将支撑长期增长，约7%的诱人股息率也支撑其估值。

万洲国际2025年第三季度业绩强势，收入同比增7.9%，经营利润增长1.8%，销售强势势头主要受惠于:1)猪肉销量增长10.2%，归因于中国市场销售渠道的有效拓展;2)包装肉品收入稳定增长5.1%，受惠于美国和欧洲市场的价格上涨。综合经营毛利率压缩0.6个百分点，主要原因是:1)美国原材料成本上涨等;2)中国包装肉类产品转向高性价比产品，从而更好满足消费者需求;3)欧洲生猪价格下跌拖累上游业务的盈利能力。

该行表示，中国销售渠道的扩张是一个关键。预计第四季收入增长5.8%以及经营利润率缩0.2个百分点至8.4%，原因包括:1)中国市场营销加速以及推出更多高性价比产品加大规模;2)美国市场成本升高。不过，相信经营利润率会在2026财年逐渐改善，主要原因是销售杠杆(sales leverage)。

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