《大行》瑞银:华润饮料(02460.HK)发盈警远逊预期 料市场反应负面

阿斯达克财经
Jul 28

瑞银发表报告指,华润饮料(02460.HK) 预计上半年净利润将按年减少约20%至30%,低于市场预期按年增长双位数。该公司管理层在随后的分析师和投资者会议上表示,净利润下降的主要原因是包装水行业竞争加剧,要求更高的销售与分销(S&D)开支;产品组合的变化导致毛利率下降。
该行预计,华润饮料的盈警将对整体饮料行业带来负面影响。同时亦注意到华润饮料计划派发中期股息。该行亦预计,市场对华润饮料的盈警反应负面,因大幅逊市场预期。

另外,该行管理层并无提供任何具体指引,但预期下半年的竞争形势仍不明朗。管理层重申深化渠道改革,重点发展网上、家居、餐饮渠道等。
瑞银对华润饮料目标价为18.03元,评级“买入”。(ha/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-25 16:25。)

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