智通财经APP获悉，摩根大通发布研报称，维持中国旺旺(00151)“中性”评级，目标价由5.1港元降至4.9港元。
旺旺9月底止2026上半财年销售额同比增长2.1%，盈利同比下降7.8%，分别逊预期1%及10%。该行认为主要因牛奶饮品销售额下降1%、毛利率下跌1.1个百分点，以及销售及行政费用占收入比率上升2.3个百分点。另外，零食折扣店渠道快速增长，占整体销售额比例由2025财年的10%，升至2026财年上半年的15%; 集团预期该渠道的营业利润率将略低于传统渠道。
管理层预计在2026下半财年及未来一两年广告促销费用率维持3%至4%，以推动产品创新。该行认为此举虽带来短期利润压力，但有利长期持续增长; 下调盈利预测6%至9%，最新料2026财年销售及盈利分别同比增长1.6%及下跌9%。
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