华润啤酒2025年业绩反转的确定性大于竞争对手,维持“买入”

浦银国际证券
19 Mar

持续高端化的前景好于主要竞争对手,维持“买入”评级:华润啤酒2024年销量跌幅(下降2.5%)小于主要的竞争对手,且是为数不多啤酒销售单价保持正增长(上升1.5%)的啤酒企业。华润啤酒2024年全年净利润低于市场预期主要是因为销售费用前置所导致的,但这也给公司2025年利润率回升打下了基础。公司披露2025年前两个月的啤酒销量录得同比个位数增长,且EBIT增速快于收入增长。考虑到1-2月的高基数,...

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