Core Viewpoint - Citigroup's report indicates that Master Kong's sales in the first half of the year decreased by 3% year-on-year, significantly underperforming Uni-President's 11% growth and falling short of the management's full-year guidance of 25% [1] Group 1: Financial Performance - Master Kong's core EBIT increased by 13% year-on-year, which is substantially lower than Uni-President's 37% growth [1] - The sales performance of Master Kong in both beverage and noodle segments has significantly lagged behind Uni-President [1] Group 2: Market Position and Strategy - Citigroup expresses structural concerns regarding Master Kong's ongoing weak revenue performance and continuous market share loss [1] - The preferred order in the Chinese food and beverage sector remains unchanged, with Nongfu Spring and Uni-President as top choices, followed by Master Kong [1] Group 3: Growth Model Preference - Citigroup continues to favor sustainable growth models in the consumer goods sector, emphasizing steady revenue growth and profit margin expansion through positive operating leverage, rather than relying on aggressive price increases, as seen with Master Kong's weak revenue growth and gross margin expansion planned for 2024 [1]
大行评级|花旗:康师傅市场份额流失堪忧 予其“沽售”评级及目标价10.1港元
Ge Long Hui·2025-08-12 03:45