智通财经APP获悉，瑞银发布研报称，维持中国食品(00506)“买入”评级，微调盈利预测，目标价由5.07港元下调至4.89港元。
报告中称，中国食品去年收入同比增长2.7%至220.7亿元人民币，受惠于碳酸饮料销售坚韧、水业务收入复苏及能量饮料增长强劲，部分被果汁收入下跌抵销。毛利率同比跌0.7个百分点至37.1%，主要由于低毛利的水产品占比提升及铝罐成本上升。息税前利润同比增长5.1%至19.25亿元人民币，纯利为8.62亿元人民币，大致持平，主要受税率上升影响，派息比率维持50%。
该行表示，在碳酸饮料带动下，首两个月销量录得双位数增长，开局强劲。PET成本已锁定至第叁季末，占收入25%的铝罐碳酸饮料于3月加价，支持利润率前景。新渠道如自动售卖机、电商、零食折扣店及即时零售增长强劲，公司透过差异化包装减少渠道冲突。管理层预期长期利润率由经营杠杆带动，而非投入成本。
该行指，中粮集团将于“十五五”规划下推动营养及健康食品战略，中国食品将利用其直达消费者模式及约13万台自动售卖机等自有渠道，分销非可乐产品，虽然短期盈利影响有限，但长远可成为增长动力。
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