高盛:对中国啤酒行业短期内持谨慎态度 升华润啤酒(00291)、青岛啤酒(00168)目标价

智通财经
11 Jul

智通财经APP获悉,高盛发布研报称,对中国啤酒行业短期内持谨慎态度,并下调行业今年销量及均价增长预测至0.3%,对比此前预测为增长0.5%及1.1%,以反映政府于5月出台政策对餐饮业的冲击。但高盛相信政策影响将于2026年逐步正常化,届时行业价值增幅可回升至2.1%。

高盛指,今年上半年啤酒企业表现分化,华润啤酒(00291)等透过成本效益实现10%至11%经常性EBIT增长,但6月起行业月度增速普遍放缓,面对短期挑战,啤酒商正积极拓展即时零售等新兴渠道,并探索品类扩张,相信投资者未来会较关注企业产能优化及股东回报。

高盛将其所覆盖的啤酒企业2025及2026年盈利预测下调0.3%至4%,维持华润啤酒“买入”评级,目标价从33.5港元上调至35港元,看好其应对周期能力;青岛啤酒(00168)与百威亚太(01876)同予“买入”评级,青啤目标价微升至61港元,百威亚太维持目标价为9港元。

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