大和发表报告指，润啤(00291.HK) 平均售价和利润率扩张，次高端市场占有率快速提升，公司有信心在全行业复苏中捍卫市场份额。重申对该股“买入”评级，目标价由35.8元升至38元。
大和指，于3月18日参加了润啤业绩发布会。虽然去年宏观环境充满挑战，公司的核心EBITDA仍按年增长3%至87亿元人民币，受惠于啤酒平均售价扩张1.5%。尽管去年基数较高，但润啤今年一至二月的啤酒销量仍恢复按年增长，显示下游需求逐渐复苏。至于投资者对2025年来自百威啤酒在8元至12元人民币产品市场竞争加剧的忧虑，公司管理层表示有信心捍卫其市场份额，并强调其强大的品牌组合及有效的供应链和渠道管理。
该行相信，由于润啤品牌的产品组合提升更为明显，因此润啤今年推动平均售价和利润率扩张的能见度将高于同业。(ha/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-19 12:25。)
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