Daiwa published a report indicating that the first-quarter profit of unified enterprises in China doubled to 457 million yuan year-on-year, mainly driven by a 4 to 5 percentage point year-on-year expansion in gross margin, of which about 2 percentage points contributed by higher utilization rates and about 1 percentage point from the reduction in raw material costs. The bank believes that unification will benefit from improved competitive dynamics in China's soft drink industry in the first half of this year, strong demand, and increases in retail prices by major rivals Master Kong and Coca Cola. Furthermore, the bank believes that unified sales share can be obtained through a stable pricing strategy, and its profit forecast for 2024 to 2026 was raised by 23% to 26%. The target price was raised from HK$6 to HK$7.8, and the rating was upgraded from “hold” to “buy”.
大和发表报告指出统一企业中国首季利润按年倍增至4.57亿元主要受毛利率按年扩张4至5个百分点所推动当中约2个百分点来自更高利用率的贡献约1个百分点来自原材料成本缓解的贡献。该行认为统一将受惠于今年上半年中国软性饮料行业竞争动态的改善、需求强劲且主要竞争对手康师傅及可口可乐提高零售价格的影响。此外该行相信统一能够透过稳定的定价策略获得销售份额对其2024至2026年盈利预测上调23%至26%目标价由6港元上调至7.8港元评级由“持有”升至“买入”。
Daiwa published a report indicating that the first-quarter profit of unified enterprises in China doubled to 457 million yuan year-on-year, mainly driven by a 4 to 5 percentage point year-on-year expansion in gross margin, of which about 2 percentage poin
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