【券商聚焦】招商证券国际维持统一企业中国(00220)中性评级指公司6.5%的股息率正日益具备吸引力

金吾财讯

Nov 13, 2025

金吾财讯 | 招商证券国际发研报指，统一企业中国(00220)三季度业绩显示挑战依然存在，净利润同比增长8%至7.26亿元人民币，低于市场普遍预期的两位数百分比增速。收入同比持平，食品板块实现低至中单位数增长，但被饮品板块的低至中单位数下滑抵消，同时OEM业务继续实现三位数增长。这反映出该机构在此前下调评级报告中指出的持续逆风，包括来自现制饮品的竞争以及统一企业中国量增导向战略下的执行风险。

饮料板块压力持续，果汁品类表现落后，定价竞争加剧(如1L包装饮品)，阿萨姆奶茶仅于季度末企稳。虽然毛利率受益于原材料成本下降和方便面高端化而提升，但收入乏力及经营杠杆减弱拖累整体表现。管理层重申全年销售增长目标为6–8%。但需指出的是，在饮料去库存持续、消费低迷及促销力度提升的背景下，要实现该目标需依靠四季度的强劲反弹，该机构认为实现难度较大。对冰柜(2025年新增15万台)和销售点升级的投入有助于长期增长，但短期难以解决当前压力。2026年中期15.5倍市盈率对应15%的EPS复合年增长率，当前估值反映合理的风险回报。

不过，目前公司6.5%的股息率正日益具备吸引力，若行业竞争格局出现企稳迹象，该机构将上调为增持评级。当前维持中性评级。

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