Core Viewpoint - Goldman Sachs reports that Uni-President China’s third-quarter revenue remained relatively stable, with food business growth in the low to mid-single digits, beverage business declining in the mid-single digits, and contract manufacturing business continuing to grow at a triple-digit percentage year-on-year [1] Group 1: Business Performance - The management indicated that the company is still working on inventory reduction for beverage products as of October, while the performance of noodles remains on track [1] - Despite weak consumption and intense competition, the company maintains a cautiously optimistic outlook for the fourth quarter, aiming for a full-year sales growth target of 6% to 8% [1] Group 2: Financial Outlook - The company expects continued gross margin expansion and greater visibility in expense ratios for the fourth quarter [1] - Due to ongoing intense competition, Goldman Sachs remains cautious about the company's prospects for next year, projecting a sales growth of 6% and lowering the target price from HKD 9.3 to HKD 9, while maintaining a "Neutral" rating [1]
大行评级丨高盛：微降统一企业中国目标价至9港元 对公司明年前景保持谨慎