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《大行》華泰證券降東鵬飲料(09980.HK)目標價至259.53元 降盈利預測
華泰證券發表報告指,東鵬飲料(09980.HK)2026年第一季收入/淨利潤58.9億、12.6億元人民幣(下同),按年分別增長21.5%、28.3%。去年第四季公司主動控貨,疊加春節錯期的背景下,營收增速略有放緩,今年首季東鵬特飲的收入按年增速按季提速,公司渠道庫存維持在健康合理水平,補水啦受淡旺季影響較大,但海島椰禮盒裝產品春節期間表現較好。報告指,首季...
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《大行》華泰證券降東鵬飲料(09980.HK)目標價至259.53元 降盈利預測
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華泰證券發表報告指,東鵬飲料(09980.HK)  +8.800 (+4.352%)   2026年第一季收入/淨利潤58.9億、12.6億元人民幣(下同),按年分別增長21.5%、28.3%。去年第四季公司主動控貨,疊加春節錯期的背景下,營收增速略有放緩,今年首季東鵬特飲的收入按年增速按季提速,公司渠道庫存維持在健康合理水平,補水啦受淡旺季影響較大,但海島椰禮盒裝產品春節期間表現較好。

報告指,首季公司主要原材料價格按年下行,疊加規模效應顯現,盈利能力按年持續提振。此外,公司合同負債按年增加,至首季末,公司合同負債49億,按年增加10.3億。展望看,公司有望在穩固主業的基礎上持續夯實新增長曲線,繼續實現高質量增長,維持「買入」評級。

考慮電解質水等細分行業新進入者較多、行業競爭或將加大,該行下調盈利預測,預計公司2026-2028年淨利潤57.1億、64.8億及72億元,較前次-3%、-4%及-4%,對應2026-2028年每股盈利預測為10.11元、11.48元及12.74元。參考同行業的青島啤酒自2020年以來的HA平均折價率為32%,但公司的成長性在板塊內較為稀缺,給予東鵬港股20%折價,目標價由284.07港元降至259.53港元。(ha/u)(HK stocks quote is delayed for at least 15 mins.)

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