华润啤酒年报点评:24年压力中进取,25年复苏中改善

华泰证券
19 Mar

24年营业总收入/归母净利386.4/47.4亿元,同比-0.8/-8.1%,还原关厂/安置/补助/卖地等一次性收益,24年核心归母净利同比+0.2%。对应24H2营业总收入/归母净利142.3/0.3亿元,同比-9.0%/-93.3%,H2啤酒同比走势较H1有所改善、但白酒有所走弱,公司整体利润受政府补助及土地出售所得减少影响较大(24年同比减少6.7亿)。公司指出25年以来受益顺周期政策拉动...

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