中金：维持中国旺旺(00151)“跑赢行业”评级收入稳健增长

智通财经11-25

智通财经APP获悉，中金发布研报称，维持中国旺旺(00151)“跑赢行业”评级，维持目标价5.83港币,主因公司品牌力强，上半财年业绩承压，归母净利润同比下滑7.8%。收入微增，但乳饮品类受成本上升及需求疲弱影响小幅下滑，而休闲食品与新兴渠道表现较好。中金主要观点如下：业绩表现1HFY25利润小幅低于市场预期公司公布1HFY25业绩：收入111.08亿元，同比+2.1%;归母净利润17.17亿元，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2586441114?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-11-25 13:41","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2586441114","market":"hk","top_or_hot":-1,"title":"中金：维持中国旺旺(00151)“跑赢行业”评级 收入稳健增长","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中金发布研报称，维持中国旺旺(00151)“跑赢行业”评级，维持目标价5.83港币,主因公司品牌力强，上半财年业绩承压，归母净利润同比下滑7.8%。收入微增，但乳饮品类受成本上升及需求疲弱影响小幅下滑，而休闲食品与新兴渠道表现较好。中金主要观点如下：业绩表现1HFY25利润小幅低于市场预期公司公布1HFY25业绩：收入111.08亿元，同比+2.1%;归母净利润17.17亿元，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1373172.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金：维持中国旺旺(00151)“跑赢行业”评级 收入稳健增长</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金：维持中国旺旺(00151)“跑赢行业”评级 收入稳健增长\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-25 13:41 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1373172.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中金发布研报称，维持中国旺旺(00151)“跑赢行业”评级，维持目标价5.83港币,主因公司品牌力强，上半财年业绩承压，归母净利润同比下滑7.8%。收入微增，但乳饮品类受成本上升及需求疲弱影响小幅下滑，而休闲食品与新兴渠道表现较好。中金主要观点如下：业绩表现1HFY25利润小幅低于市场预期公司公布1HFY25业绩：收入111.08亿元，同比+2.1%;归母净利润17.17亿元，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1373172.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00151","symbol_name":"中国旺旺","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1373172.html","article_id":"2586441114","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2586441114","pubTimestamp":1764049276,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，中金发布研报称，维持中国旺旺“跑赢行业”评级，维持目标价5.83港币,主因公司品牌力强，上半财年业绩承压，归母净利润同比下滑7.8%。利润端，该行预计下半财年毛利率&利润率有望环比持平，公司或延续费用投入力度，持续拉升新品及新兴渠道表现。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"00151":"中国旺旺"},"translate_title":"CICC: Maintain China Want Want (00151) 's \"outperform industry\" rating for steady revenue growth","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00151":1.5},"content_text":"智通财经APP获悉，中金发布研报称，维持中国旺旺(00151)“跑赢行业”评级，维持目标价5.83港币,主因公司品牌力强，上半财年业绩承压，归母净利润同比下滑7.8%。收入微增，但乳饮品类受成本上升及需求疲弱影响小幅下滑，而休闲食品与新兴渠道表现较好。中金主要观点如下：业绩表现1HFY25利润小幅低于市场预期公司公布1HFY25业绩：收入111.08亿元，同比+2.1%;归母净利润17.17亿元，同比-7.8%;利润表现小幅低于市场预期，主因营业费用投入超预期。发展趋势米果及休闲食品表现好于乳饮料，新兴渠道实现良好增长。1HFY25公司收入增长稳健，分品类看，1HFY25米果类/乳饮类/休闲食品类收入分别同比+3.5%/-1.1%/+7.7%。具体看：1)米果产品销量同增中个位数，新品收入占比达双位数;2)乳饮类受行业需求疲弱影响小幅承压，其中旺仔牛奶收入同比下滑低个位数，饮料小类收入同比增长近四成且销量翻倍，受益于零食量贩、电商、OEM等新兴渠道收入翻倍增长;3)休闲食品新品收入占比近1/4，冰品收入同增中双位数。分渠道看，上半财年传统及现代渠道销售同比下滑低个位数，海外市场同增低个位数，新兴渠道实现快速增长，其中零食量贩销售占比持续提升。毛利率小幅下行，组织架构调整推高营业费用率1HFY25公司毛利率同比-1.1ppt，主因进口大包粉及棕榈油成本上涨，叠加产品结构调整，新兴渠道占比提升;其中米果/乳饮类/休闲毛利率同比+1.3/-2.5/+1ppt，乳饮毛利率下降主因进口大包粉价格上涨拖累旺仔牛奶毛利率。1HFY25分销/行政费用率同比+1.4/+0.9ppt，主因公司按产品分设事业部后，市场推广投入加大&用人费用提升，整体看经营利润率/净利率同比-3.0/-1.7ppt。下半财年收入有望保持稳健，费用投入力度或将延续该行预计公司3QFY25销售表现有所承压，主要受春节错期影响;预计下半财年公司收入有望保持稳健增长，零食量贩渠道有望延续高速增长。利润端，该行预计下半财年毛利率&利润率有望环比持平，公司或延续费用投入力度，持续拉升新品及新兴渠道表现。风险提示需求疲弱，竞争加剧，原材料价格大幅上行。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2586441114","isCrawlerRequest":true}

中金：维持中国旺旺(00151)“跑赢行业”评级 收入稳健增长

精彩评论

中金：维持中国旺旺(00151)“跑赢行业”评级收入稳健增长