高盛发表报告表示，华润啤酒(00291.HK) 上半年合并销售额达239亿人民币按年增长0.8%，与市场预期基本一致，合并经常性息税前利润71亿人民币，剔除土地出售收益(8.27亿人民币)及一次性支出(2.41亿人民币)后，按年增约11%，与该行预期相符。期内合并息税前利润为76.9亿人民币按年增长21%，超过市场预期(73.2亿人民币，增长15%)。净利润为57.9亿人民币，按年增长23%，超过市场预期(54.4亿人民币，增长15.6%)。
该行指，润啤期内普高档及以上产品销量增长逾10%，其中“喜力”增长20%以上，“老雪”增长70%， Amstel(红爵)增长100%。普高档及以上啤酒销量亦录得中单位数至高单位数增长。集团毛利率提升2个百分点至48.9%，创历史新高。
公司宣布中期股息每股人民币0.464元，按年增长24.4%，股息支付率约26%，与去年持平。高盛维持华润啤酒“买入”评级及目标价35元，相当于明年预测市盈率19倍。(wl/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-19 12:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.