大行评级|美银:下调华润饮料评级至“中性” 目标价下调至13.3港元

格隆汇
Jul 29

美银证券发表报告,将华润饮料评级由“买入”下调至“中性”,因考虑到销售增长前景疲弱及盈利能见度较低;2025和2026年每股盈利预测下调37%和27%,目标价由16.5港元下调19%至13.3港元。 该行指,中国的送餐补贴竞争带动中低价现调饮料的销售,对华润饮料的水及饮料产品构成新挑战。该行仍然认为公司的三步利润扩张路线图,即通过专注于内部生产优化生产、物流升级和高质量销售与分销开支对长期利润预期良好。然而,该行指,由于复杂的竞争势态,公司必须将更多利润再投资于渠道,以维持市场占有率,而该行认为自救措施和原料成本下降的效益不足以弥补2025年的压力。

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