【券商聚焦】建银国际维持万洲国际(00288)“跑赢大盘”评级 预计第四季度营收将稳步增长5.8%

金吾财讯
Oct 31, 2025

金吾财讯 | 建银国际研报指,万洲国际(00288)3Q25收入同比增7.9%至70.9亿美元,经营利润增1.8%至6.67亿美元,中国管道扩张带动猪肉销量增10.2%,中美欧肉制品提价推动包装肉收入稳增5.1%;原料成本上升、中国产品结构向性价比倾斜及欧洲猪价下跌令综合经营利润率暂降0.6个百分点至9.4%,管理层拟通过持续调价与成本管控修复盈利,股息收益率仍具吸引力。该机构对未来营业利润率的下滑无需过度担忧,因为万洲国际将持续实施价格调整举措并严格控制成本。预计2025年第四季度营收将稳步增长5.8%,营业利润率小幅下降0.2个百分点至8.4%,主要原因包括:1)中国市场加大营销力度并推出更多高性价比产品以扩大规模;2)美国市场成本上升。但该机构预计,得益于销售杠杆效应及欧美包装肉制品的价格调整,2026财年(FY26F)集团整体营业利润率将逐步改善。基于中国市场销售渠道有效拓展带来的营收增长预期上调,该机构将2025财年(FY25F)和2026财年核心盈利预期均上调2.4%;同时,考虑到原材料成本波动,该机构对营业利润率的假设更为保守。基于2026财年市盈率(P/E)维持9.0倍不变,该机构将目标股价从9.00港元上调至9.20港元。该机构重申,万洲国际的一体化业务模式及稳健的执行能力将支撑其长期增长。此外,该机构认为约7%的可观股息收益率也将为其估值提供支撑。维持“跑赢大盘”评级。    

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10