咖啡与可可成本压顶！雀巢下调利润率预期，股价暴跌创2020年来最大跌幅The cost of coffee and cocoa is at its peak! Nestle lowers profit margin expectations, causing stock price to plummet to its largest drop since 2020
咖啡和可可价格高企正在侵蚀雀巢的盈利能力。
这家瑞士食品巨头周四下调下半年利润率预期，叠加销量增速不及部分投资者预期，股价单日重挫近7%，创下2020年以来最大单日跌幅。
雀巢表示，受咖啡和可可原料成本上涨拖累，公司今年上半年营业利润率同比下滑0.1个百分点至16.4%，营业利润下降2.8%至71亿瑞士法郎（约合87亿美元）。公司随即将下半年利润率预期由此前的"较上半年改善"下调为"与上半年大体持平"，令市场预期落空。
此次业绩冲击发生在雀巢新管理层力推全面转型的关键节点。新任首席执行官Philipp Navratil与董事长Pablo Isla——后者曾执掌Inditex——正致力于精简集团庞杂的组织架构并剥离部分业务。股价在财报发布前已因市场乐观预期而有所上涨，此番业绩不及预期令涨幅全数回吐。
销量增速不及预期，成本压力多点承压
雀巢第二季度销量增速成为此次业绩的核心失望所在。市场此前普遍预期销量增速达2%，实际公布数字为1.8%，虽与分析师一致预期吻合，但低于部分投资者的更高预期。
巴克莱分析师Warren Ackerman表示，"考虑到此前的股价涨幅，这一销量数字还不够好。"
除原材料成本外，雀巢还面临多重额外压力。公司指出，营业利润率同时受到营销支出增加、关税影响，以及今年早些时候全球婴儿配方奶粉召回事件的拖累。此次召回涉及可能受到cereulide污染的产品——该毒素可引发恶心和呕吐。
营收超预期，提价策略支撑顶线增长
尽管利润率承压，雀巢第二季度营收表现仍好于预期。期内销售额增长3.7%，其中价格上涨贡献1.9个百分点，在一定程度上对冲了成本上升的影响。
不过，分析师对利润率前景的担忧盖过了营收亮点。伯恩斯坦分析师Callum Elliott表示，下半年利润率指引的下调"令雀巢这份财报失色不少"。
水业务合资交易引入私募资本
在业绩发布的同时，雀巢宣布与私募股权公司Platinum Equity就旗下水业务成立一家数十亿欧元规模的合资公司，交易将为雀巢带来30亿欧元资金。
新合资公司命名为Peranel，双方各持股50%，整体估值49亿欧元，旗下涵盖在120个国家销售的30个品牌，包括San Pellegrino、Perrier和Acqua Panna。该交易被视为雀巢持续推进资产组合优化、聚焦核心业务战略的组成部分。
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The high prices of coffee and cocoa are eroding Nestle's profitability.
This Swiss food giant lowered its profit margin forecast for the second half of the year on Thursday, coupled with sales growth falling short of some investors' expectations, causing its stock price to plummet nearly 7% in a single day, marking the largest single day decline since 2020.
Nestle stated that due to rising costs of coffee and cocoa raw materials, the company's operating profit margin in the first half of this year decreased by 0.1 percentage points year-on-year to 16.4%, with operating profit dropping by 2.8% to 7.1 billion Swiss francs (approximately 8.7 billion US dollars). The company immediately lowered its profit margin forecast for the second half of the year from the previous "improvement compared to the first half" to "roughly the same as the first half", disappointing market expectations.
This performance shock occurred at a critical moment when Nestle's new management is pushing for a comprehensive transformation. The newly appointed CEO Philipp Navratil and Chairman Pablo Isla, who previously led Inditex, are working to streamline the group's complex organizational structure and divest some of its businesses. The stock price had already risen due to optimistic market expectations before the release of the financial report, but this underperformance caused all the gains to be reversed.
Sales growth rate falls short of expectations, with multiple cost pressures under pressure
Nestle's sales growth rate in the second quarter became the core disappointment of this performance. The market had previously expected a sales growth rate of 2%, but the actual announced figure was 1.8%, which is consistent with analysts' expectations but lower than some investors' higher expectations.
Considering the previous stock price increase, this sales figure is not good enough, "said Warren Ackerman, an analyst at Barclays
In addition to raw material costs, Nestle also faces multiple additional pressures. The company pointed out that its operating profit margin was affected by increased marketing expenses, tariffs, and the global recall of infant formula earlier this year. This recall involves products that may be contaminated with cereulide - a toxin that can cause nausea and vomiting.
Revenue exceeds expectations, price increase strategy supports top line growth
Despite pressure on profit margins, Nestle's revenue performance in the second quarter was still better than expected. During the period, sales increased by 3.7%, with price increases contributing 1.9 percentage points, which to some extent offset the impact of rising costs.
However, analysts' concerns about the profit margin outlook overshadowed the revenue highlights. Bernstein analyst Callum Elliott said that the downward adjustment of profit margin guidance for the second half of the year "has made Nestle's financial report quite lackluster".
Introduction of Private Equity Capital in Water Business Joint Venture Transactions
At the same time as the performance announcement, Nestle announced the establishment of a multi billion euro joint venture with private equity firm Platinum Equity for its subsidiary business, which will bring Nestle 3 billion euros in funding.
The new joint venture is named Peranel, with each party holding 50% of the shares, with an overall valuation of 4.9 billion euros. It covers 30 brands sold in 120 countries, including San Pellegrino, Perrier, and Acqua Panna. This transaction is seen as an integral part of Nestle's ongoing efforts to optimize its asset portfolio and focus on its core business strategy.
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