Core Viewpoint - Citibank's report indicates that Uni-President China (00220) achieved a 10.6% year-on-year revenue growth in the first half, exceeding market expectations by 2% primarily due to an increase in OEM revenue [1] Financial Performance - Revenue growth of 10.6% year-on-year in the first half [1] - Profit increased by 33% year-on-year, surpassing market expectations by 6-7% [1] - Sales expenses contributed positively to profit margins [1] Future Outlook - Despite a slowdown in beverage business growth in the second half, higher OEM revenue and better-than-expected profit margin expansion are expected to offset this [1] - Earnings forecasts for 2025 and 2026 have been raised by 5% and 2% respectively [1] - Target price increased from HKD 10.3 to HKD 10.5, reflecting a projected price-to-earnings ratio of 16 times [1] - Anticipated full-year revenue growth of 8.5% with a gross margin expansion of 0.5 percentage points [1]
里昂：微升统一企业中国目标价至10.5港元 上半年业绩胜预期