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《大行》高盛降華潤飲料(02460.HK)目標價至8.5元兼下調盈測 評級「中性」
高盛發表研究報告,指華潤飲料(02460.HK)去年業績符合預期,考慮到市場競爭激烈,下調2026至2028年銷售預測2%至4%,同時因飲料組合毛利率下降及費用比率上升,下調同期盈利預測9%至14%。該行將華潤飲料目標價由9港元下調至8.5港元,維持「中性」評級。新目標價是基於2027年預測市盈率16.5倍,與同業康師傅(00322.HK)及統一(00220...
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《大行》高盛降華潤飲料(02460.HK)目標價至8.5元兼下調盈測 評級「中性」
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高盛發表研究報告,指華潤飲料(02460.HK)  -0.160 (-1.776%)    Short selling $2.43M; Ratio 10.838%   去年業績符合預期,考慮到市場競爭激烈,下調2026至2028年銷售預測2%至4%,同時因飲料組合毛利率下降及費用比率上升,下調同期盈利預測9%至14%。

該行將華潤飲料目標價由9港元下調至8.5港元,維持「中性」評級。新目標價是基於2027年預測市盈率16.5倍,與同業康師傅(00322.HK)  +0.110 (+0.870%)    Short selling $65.89M; Ratio 55.194%   及統一(00220.HK)  +0.060 (+0.767%)    Short selling $15.26M; Ratio 26.820%   的目標市盈率一致。

高盛引述管理層在業績會議上表示,2026年包裝水業務目標是恢復正增長,1至2月已見良好開局,出貨及終端銷售均錄得正增長。飲料業務則目標恢復至2025年上半年水平,即按年增長21%,長遠目標是在2030年將飲料銷售佔比提升至30%。公司將重點拓展「Mulene」、「菊花茶」及「茉莉花茶」等系列產品,以捕捉消費者偏好變化。

成本方面,管理層指原材料庫存及遠期合約至少可保障成本到5至6月,公司亦啟動多項成本節約計劃,包括深化數碼化及將包裝由紙箱轉為薄膜包裝,以部分抵銷原材料通脹壓力。渠道策略方面,公司將2026年重點放在提升渠道能力,優化傳統渠道投資及經銷商激勵,並拓展與「零食有鳴」、「HotMaxx」及「歡樂猴」等食品折扣連鎖的品牌總部合作,以及開拓餐飲及大型零售渠道。產能方面,自有生產佔比已達61%,今年將重點推進丹江口水廠投產,並在肇慶及宜興新增無菌飲料生產線。(da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-03-30 16:25.)

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