建银国际指，康师傅(00322.HK) 去年7月把经典面系列出厂价作中单位数上调后，去年10月对大号包装面食出厂价作中单位数上调，两次调整占公司即食面产品组合八成。但对手未跟随加价，令公司市占受压。
该行下调对公司去年下半年即食面销售增长预测，由2%增长降至1%下跌。同时下调同期公司饮品销售增长预测1个百分点至1%，反映竞争加剧。该行料去年下半年毛利率扩大1.8个百分点至32.2%，受惠产品平均售价上升及有利的原材料成本，尤其是糖及面粉。该行料广告推广支出比率升0.2个百分点以挽回市占，去年下半年净利润增长17%，销售增长0.4%，意味全年净利润增长16%，跑赢10%至15%增长的指引。
建银国际大致维持对该股去年盈利预测，但下调今年盈利预测6%，反映即食面部门慢于预期的销量增长，以及更高的广告推广支出比率。目标市盈率14.5倍，目标价由11.1元上调至12.2元，维持“跑赢大市”评级。该行料公司维持100%派息率，意味股息率6.8厘，支持股价。(fc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-10 16:25。)
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