大和：一举降统一企业中国(00220)评级至“跑输大市” 目标价降至7.3港元

Group 1 - The core viewpoint of the report is that Daiwa has downgraded the rating of Uni-President China (00220) from "Outperform" to "Underperform" and reduced the target price from HKD 9.8 to HKD 7.3 [1] - The report indicates that competition from fresh and bottled beverage manufacturers is becoming increasingly intense, which may lead to cost pressures in the beverage business due to increased channel investments [1] - Daiwa forecasts that Uni-President China's profit for Q4 2025 will decline by 38% year-on-year to RMB 133 million, and has lowered the earnings per share forecast for 2025 to 2027 by 4% to 14% [1]