摩根士丹利发表研报，将颐海国际(01579.HK) 2025至2026财年的销售预测下调5%至6%，主要受累于关联方销售。第三方销售及关联方销售的价格压力尚未见转折，主要由于激烈竞争依然存在，以及公司进一步渗透市场需要更多高性价比产品。
大摩认为颐海国际长远增长的驱动力将来自海外扩张、中国市场的企业对企业(B2B)发展、零食品类扩展。目前，这三个驱动力仍处于“试错”阶段，尚未见到显著突破。另外，颐海国际进一步渗透低线城市及新渠道需要更高的营运开支，因此该项假设公司于未来三年无法实现营运杠杆。
大摩将颐海国际2025至2026财年的每股盈利预测下调6%至7%，目标价由15.9元下调至15元，维持“与大市同步”评级。(js/k)
(港股报价延迟最少十五分钟。沽空资料截至 2025-03-31 12:25。)
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