[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio2cb8ab95":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio2cb8ab95","Evercore-ISI提前给百事(PEP)二季报“泼冷水”：消费疲软与通胀逆风恐令利润承压，-维持“与大盘持平”评级","\u002Fdoc\u002Fdcio2cb8ab95","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网注意到，全球食品饮料巨头百事公司(PEP)即将于7月9日公布2026年第二季度财报，但投行 Evercore ISI 提前发布预警在消费者支出放缓、成本通胀及市场竞争加剧的多重压力下，百事二季度表现将低于市场预期。该行维持其“与大盘持平”评级，最新目标价170美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Evercore分析师团队预测，百事二季度有机销售额同比增长2.3%，低于市场普遍预期的2.8%；每股收益预计为2.18美元，略低于市场预期的2.20美元。这一判断主要基于4月中旬以来汽油价格上涨、宏观经济不确定性增加导致的消费疲软，以及北美地区异常天气对零售的冲击。尽管法官近期驳回了限制SNAP(补充营养援助计划)资金购买不健康食品的试点提案，短期内缓解了政策压力，但23个州的相关豁免申请仍需数月才能最终落地，长期需求仍存变数。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">分业务板块看，百事正面临结构性挑战。北美饮料业务(PBNA)中，传统全卡路里碳酸饮料持续承压，但风味创新和零糖产品线表现亮眼——Gatorade通过简化包装、强化补水功能宣传，截至6月14日的季度扫描销量同比增长9%；Mtn Dew风味延伸产品也部分抵消了核心SKU的下滑。不过，北美食品业务(PFNA)复苏慢于预期，尽管推出了Doritos NKD、Lay's新包装等创新产品，但截至6月14日的季度扫描数据仍同比下滑0.7%，消费者对价格敏感度上升，促使百事缩小与自有品牌的价格差距，主要针对大包装产品调整定价。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">国际市场成为少数亮点。欧洲、中东及非洲(EMEA)市场保持稳定，印度和中国需求韧性较强;国际饮料业务利润率高达37%，显著高于北美饮料的12%。但拉美市场面临去年同期5000万美元收益的基数压力，三季度利润率或受拖累。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">为应对挑战，百事已启动成本削减计划裁员、关闭3家工厂、合并生产线、削减近20%的美国SKU，并通过供应链优化提升效率。公司预计2026年资本支出低于净销售额的5%，并重申100亿美元股票回购计划(2026年拟回购10亿美元)，同时寻求健康零食等领域的补强并购。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">然而，这些举措短期内恐难见效。Evercore ISI 已将百事 2026 全年的 EPS 预期从 8.63 美元下调至 8.60 美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">目前，百事公司的市盈率已滑落至约 16 倍，远低于其约 21.5 倍的十年历史平均水平。虽然估值跌至历史低位，但在高通胀、大消费降级以及 GLP-1 减肥药等长期健康趋势的重围下，这家饮料巨头的复苏之路显然比想象中更为漫长。对于百事而言，即将到来的 7 月 9 日，不仅是一份二季报的发布，更是市场对其管理层能否驾驭“后通胀时代”消费巨变的一次严苛大考。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan 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