中银国际发布研究报告称,农夫山泉(09633)估值溢价仍有支撑,2025年瓶装水销售有望反弹。该行对农夫山泉维持“买入”评级,目标价上调至39.1港元。
该行称,借鉴日本即饮软饮(即饮型饮料)市场的经验,在1990年代无糖即饮茶经历了高速发展和渗透。该板块过去三年在内地亦实现了爆发式增长,2025年至2026年料将保持双位数的销售增长。
至于包装水业务方面,价格促销和竞争边际缓和,农夫山泉的定价策略正趋于理性。展望2025年,认为农夫山泉仍将以巩固市占率作为优先任务,其包装水销售额预计同比增长7%。
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