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《大行》瑞銀升農夫山泉(09633.HK)目標價至41.6元 盈利預測上調但維持「沽售」評級
瑞銀發表研究報告指,農夫山泉(09633.HK)2025財年業績勝預期,收入及淨利潤分別按年增長22.5%及30.9%,達到525.53億元及158.68億元人民幣(下同)。去年下半年收入及淨利潤分別按年增長30%及40%,達到269.31億元及82.46億元。期內毛利率受惠於PET、紙箱及白糖等原材料成本下降,按年提升2.4個百分點至60.5%。管理層未有...
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《大行》瑞銀升農夫山泉(09633.HK)目標價至41.6元 盈利預測上調但維持「沽售」評級
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瑞銀發表研究報告指,農夫山泉(09633.HK)  -0.260 (-0.544%)    Short selling $103.61M; Ratio 144.758%   2025財年業績勝預期,收入及淨利潤分別按年增長22.5%及30.9%,達到525.53億元及158.68億元人民幣(下同)。去年下半年收入及淨利潤分別按年增長30%及40%,達到269.31億元及82.46億元。期內毛利率受惠於PET、紙箱及白糖等原材料成本下降,按年提升2.4個百分點至60.5%。

管理層未有就2026年毛利率及淨利率提供具體指引,主要考慮到PET價格波動及計劃增加營銷投入。公司已鎖定部分PET用量,並無加價計劃,同時維持嚴格的費用管理。海外擴張方面,短期將聚焦香港及東盟市場。瑞銀上調集團盈利預測,目標價由37.24元上調至41.6元,相當於2026年預測24倍市盈率及2027年預測22倍市盈率,維持「沽售」評級。(hc/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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