Group 1 - UBS reported that Uni-President's net profit for the first three quarters increased by 23% year-on-year, indicating an 8% year-on-year rise in net profit for the third quarter to 726 million yuan, in line with the bank's and market expectations [1] - The management of Uni-President continues to maintain its revenue growth target of 6% to 8% for this year and expects profit to continue improving from the fourth quarter into next year [1] - To address the increasing competition in the beverage sector, the company plans to maintain stable pricing and focus on expanding well-performing sales points [1] Group 2 - UBS believes that Uni-President's performance and management outlook are as expected, but the recent sluggish trend in the beverage business poses greater pressure and uncertainty for the company [1] - As a result, UBS has lowered its earnings per share estimates for 2025 to 2027 by 1% to 3% and reduced the target price from HKD 11.5 to HKD 10.5 while maintaining a "Buy" rating [1]
大行评级丨瑞银：下调统一企业中国目标价至10.5港元 维持“买入”评级