智通财经APP获悉，建银国际发布研报称，略下调中国旺旺(00151)目标价1.7%，从5.8港元降至5.7港元，维持“跑赢大市”评级。该行收窄对该公司2026/2027财年盈利10%/8%，主要考虑2026财年中期业绩弱于预期，渠道改革之下利润率假设也更加保守。
中国旺旺2026财年上半年净利润下降8%至17.17亿元人民币，主要受毛利率疲软等因素而差于预期，尽管有效税率降低。该行认为，利润率短期会作为牺牲品，长期将步入正轨。2025年早期，旺旺就重组多个渠道单元，从而抓住渠道转型机会。该行预计，旺旺将继续推动渠道改革，加快创新步伐，以更好地适应不断变化的消费者需求。尽管短期利润率面临压力，但认为该策略有利于长期持续的销售增长。
该行目前预测，2026财年下半年收入增长2.4%，毛利率/经营利润率将下降0.7个/1.6个百分点，导致净利润下降4.2%。预计在成本环境更加有利、渠道执行力提升之下，2027财年将恢复盈利增长。
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