《大行》大摩降卫龙(09985.HK)目标价至11.7元 维持“增持”评级

阿斯达克财经
Jun 09

摩根士丹利发表报告指,卫龙(09985.HK) 在零食渠道应持续增长,但随着基数上升,其聚焦明星产品的产品组合或会限制进一步进驻货架的空间。魔芋及蔬菜制品仍是主要增长驱动因素,但增速料将放缓,而调味面粉制品可能保持大致持平。受惠于稳定的原材料成本及严格的行政和销售开支纪律,尽管广告及推广开支上升,其盈利能力应保持韧性。整体而言,在强劲的2025年过后,盈利增长应保持稳健但会减速。该行认为,其...

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