智通财经APP获悉，百威亚太(01876)跌超4%，截至发稿，跌4.51%，报8.26港元，成交额1.23亿港元。
建银国际发布研报指出，国家统计局数据显示，受消费需求低迷影响，中国1-2月啤酒产量同比下降4.9%，百威亚太亦未能幸免。该行预计其2025年一季度在中国维持低库存状态，可能导致批发渠道销量同比出现个位数中段下滑。基于销量下降及产品组合不利变化，该行预计西区亚太收入将下降10.4%(销量/均价分别下降9.0%/1.5%)。东区亚太方面，得益于百威亚太强大的品牌和产品组合，韩国即饮渠道和家庭渠道市场份额有所扩大。
该行认为，尽管2025年一季度表现疲软，但不会改变关于百威亚太销量自3月起环比改善的预测，在中国市场尤其如此，支撑因素包括低基数效应及百威亚太重夺市场份额的策略。该行预计公司整体销售额将增长1.8%，其中销量持平，均价提升2.3%。产品提价、大麦成本环境利好及运营杠杆效应支撑该行对2025财年EBITDA利润率扩大1.4个百分点至30.3%的预测。
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