美银证券研究报告，预计华润啤酒(00291.HK) 今年上半年业绩将符合，或略优于市场共识预期(税后纯利增长7%至8%），收入增长约1%(啤酒增长超过2%；白酒下降两位数)；营业利润率扩张超过1.5%(受益于毛利率上升及销售及管理费用占比下降)；核心税后纯利增长高个位数至10%；税后纯利增长10%或以上(包含与华润置地合作的深圳开发项目带来的非核心收益)。
白酒方面，美银预计，因中国近期在官方接待场合禁用白酒，进一步加剧了行业疲弱，预测白酒收入将下降两位数。因此，白酒在2025年上半年可能出现小幅亏损，而此前基本持平。
美银也认为，华润啤酒董事长侯孝海的离任不太可能对公司营运造成重大影响，并看好该行业的领导地位、稳健的品牌策略及强大的执行能力。美银也相信行业整合、产品高端化及产能优化将持续推动华润啤酒多年的利润率扩张，因其稳健增长及超过4%股息率的估计，维持“买入”评级，并基于未来市盈率(33.7元)与折现现金流(34.9元)各占50%的加权平均，将目标价定为34.3元。(hc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-07 16:25。)
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