【建银国际：上调农夫山泉目标价48% 对茶饮前景充满信心】金十数据3月28日讯，建银国际发报告指，农夫山泉(09633.HK)2024年净利润受水产品销售下滑拖累，期内收入增长及毛利率均逊于预期。然而，该行相信，结合农夫山泉丰富的产品组合和双品牌布局，将继续推动茶饮料市场的长期增长。相信集团为重建其包装水的品牌形象作出的努力将逐步提升市场份额。该行预测，农夫山泉2025年整体收入增长10.6%，毛利率扩张0.3个百分点至58.4%。若假设集团持续增长，该行预测集团销售及行政支出费用比率将持平，EBIT利润率在2025年将上升0.2个百分点至35.2%。该行维持农夫山泉“跑赢大市”评级，将其2025年盈测下调10%，以反映去年下半年集团较逊色的业绩，及对其保守的利润率较假设。该行估值，延伸至2025年，市盈率35倍估值，上调目标价48%，由32.7港元升至48.5港元。料公司在稳健的产品组合及强大的执行力支持下，对农夫山泉茶饮料的前景仍充满信心。
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