兴证国际首次覆盖华润饮料(02460),给予“增持”评级。预计公司2025年至2027年营收分别为146.72亿、157.91亿和168.35亿元,归母净利润为19.43亿、21.84亿和24.55亿元。2024年,公司营收同比微增0.05%至135.21亿元,毛利润同比增长6%,毛利率达47.3%。公司通过新增4家工厂及22条产线,自建产能占比持续提升,有效降低生产成本。同时,包装饮用水业务...
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