大和发表研究报告，引述旺旺(00151.HK) 管理层最新的业务状况更新，表示相比第二季度，夏季销售势头进一步减弱，主要是受到需求疲软、天气因素及渠道去库存的影响，这与大多数中国食品和饮料公司表现一致。目前大和预测旺旺截至今年9月底止2025上半财年收入将按年增长1%，增幅低于2024上半财年及下半财年的4%及2%。
但同时管理层亦指出，受惠于低成本奶粉持续向好，以及今年1月起中国取消对新西兰奶粉的10%进口关税，2025上半财年毛利率有望按年改善。考虑到旺旺拥有6至9个月的奶粉库存，大和预计成本利好因素将延续到2025下半财年，2025上半财年毛利率料升至47%，并于下半财年进一步提升至48.5%。
大和将旺旺2025至2027财年每股盈利预测下调2%至4%，目标价上调至5.9元，由于股价上行空间有限，评级从“买入”下调至“持有”。(gc/u)(港股报价延迟最少十五分钟。沽空资料截至 2024-10-07 12:25。)
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