智通财经APP获悉，晨星发布研报称，维持对中国旺旺(00151)公允价值6.4港元，对该公司的盈利预期大体维持不变。继续认为该公司被低估，主要原因是2025年股息率为4.3%
晨星表示，旺旺公布截至今年9月底止半年业绩，收入同比增2.1%，但净利润年减7.8%，主要因为毛利率下降及营运费用增加。晨星表示，营收超出预期，但净利润与预期相符。旺旺加大对新渠道的投资，短期内推高销售费用率。该行对此并不十分担忧，因为其认为这些投资对公司的长期增长至关重要。传统批发和现代零售渠道的收入同比减15-20%左右，显示客流量正从传统产品和传统渠道转移。
然而，在新兴渠道中新产品的支撑下，整体收入增长仍保持正值。旺旺在乳制品等细分市场透过折扣店扩大销售的进展持乐观态度。该渠道期内的销售额已占总销售额的15%。另外，海外市场也实现正增长，该行对此持正面态度。
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