摩根士丹利发表研报指，卫龙美味(09985.HK) 基本面在中国必需消费品板块中依然突出，预测其2025财年销售额将增长22%。据该行的渠道检查，卫龙美味2025年首季度销售趋势乐观，按年增长约30%。与大多数其他必需消费品企业相比，在宏观环境尚未回暖情况下，这些数字表现突出。其中，魔芋产品是主要驱动力，去年销售贡献达54%。该行预测2025年魔芋销售额将增长30%以上，受到持续的渠道扩张、销售点增加及新口味渗透的推动。
大摩提及，卫龙美味股价今年以来已上涨131%，认为其优于同业的基本面已基本反映在股价当中。尽管销售表现乐观，但由于魔芋成本飙升，2025年上半年净利润增长可能落后于销售增长，且对比基数较高。考虑到魔芋种植周期较短，该行认为2025年下半年可能出现成本较低的魔芋原料，从而提供更好的入场时机。
大摩将卫龙美味目标价由9.3元上调至18.1元，惟评级由“增持”下调至“与大市同步”。(js/u)
(港股报价延迟最少十五分钟。沽空资料截至 2025-04-17 16:25。)
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