汇丰研究发表报告指，原材料价格上升对旺旺(00151.HK) 的盈利能力影响有限，而且集团受惠于海外产能利用率的提升。然而，旺旺本年迄今的股价累升11%，表现跑输恒指和同行，相信是由于市场对原材料价格上涨，主要是进口全脂奶粉，以及对公司盈利影响的忧虑。
根据汇丰研究的分析，全脂奶粉价格每上升10%，将对旺旺今年的净利润造成2%的影响。然而，这已部分反映在股价之中。
鉴于今年迄今零售食品行业的销售增长低于预期，该行将旺旺2024至2026年的收入预测每年均下调3.5%，又将毛利率预测分别下调0.8、1.8和1.8个百分点，净利润预测分别下调6.6%、10.4%和10.3%，目标价由5.5元降至4.4元，评级则由“买入”降至“持有”。(sl/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-25 12:25。)
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