【券商聚焦】兴业证券维持统一企业中国(00220)“增持”评级指多个主题活动带动品牌销量稳步成长

金吾财讯

Mar 20

金吾财讯 | 兴业证券发研报指，统一企业中国(00220)2025年公司营收达到317.14亿元，同比增长4.6%，其中食品业务收入104.94亿元，同比增长5.0%；饮品业务收入194.71亿元，同比增长1.2%。由于产能提升和部分大宗原物料价格回落，2025年公司毛利率上升0.7pcts达到33.2%。归母净利润达20.50亿元，同比增长10.9%。食品业务：2025年食品业务积极创新，收入达到104.94亿元，同比增长5.0%。其中，“汤达人”聚焦核心豚骨口味大单品经营，助力品牌营收稳步提升，并于2025年5月上市迷你杯，满足消费者“小馋小饿”场景，丰富了产品矩阵。“统一老坛酸菜面”通过“3月三要吃酸”“酸爽迎新季”等主题活动带动品牌销量稳步成长。饮料业务：2025年茶饮料收入88.02亿元，同比增长2.6%。“统一绿茶”聚焦无糖茶和健康饮品市场，推出“春拂焙茶”新品。果汁收入33.40亿元，同比下降7.35%；奶茶收入64.80亿元，同比增长1.2%。咖啡面对原材料涨价和现磨咖啡降价挑战，聚焦提升“雅哈冰咖啡”产品渗透力。公司建议派发末期股息每股47.47分。预计公司2026/2027/2028年营业收入为332.81/349.05/363.81亿元，归母净利润为22.44/24.12/24.64亿元。维持“增持”评级。按2026年3月18日收盘价计算，对应2026年PE为13.27倍，对应2025年股息率6.9%。

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