智通财经APP获悉，麦格理发布研报称，下调中国旺旺(00151)目标价4%，从4.7港元降至4.5港元，评级“中性”。上调对旺旺2025财年纯利预测1.6%，但下调2026和2027财年纯利预测4.8%和5.9%，主要原因是全脂牛奶价格上涨，预计该公司2025财年派息比率为71%，相等于现金股息率为5.2%。
麦格理表示，预计中国旺旺2025财年下半年销售额增长重回积极水平，预计录得同比1.5%的收入增长以及4.6%的纯利增长，受惠于原材料顺风。由于产品分类组织的结构重整，旺旺的销售势头已经有明显改善，从而更好迎合顾客。该公司的海外需求也持续强势。不过，成本的顺风很快就会逆转，由于全脂奶粉价格由2024年低位已上涨30%至每吨4062美元，麦格理预计成本通胀会从2026财年第一财季开始显现。
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