Tiger Brokers

《大行》大摩：润啤(00291.HK)中期销售与经常性EBIT符预期 毛利率高预期

阿斯达克财经
Aug 19

摩根士丹利发表报告表示，华润啤酒(00291.HK) 中午公布今年中期业绩，销售与经常性EBIT符合预期，总销售额按年增长1%，符合该行与市场共识预期，啤酒销售按年增长3%，白酒销售按年下降34%。啤酒经常性EBIT按年增长14%。经常性EBIT为71亿元人民币按年升11%符合预期，一次性项目包括出售土地予合资公司获利约8.27亿元人民币，以及产能优化成本2.41亿元人民币。公司期内净利润为57.9亿元人民币；经常性净利润为53.5亿元人民币按年升13%。
该行指，华润啤酒的普高档及以上啤酒销量按年升10%(预期升9%)，占总量约25%。喜力按年升20%，中期股息派息率为26%，与去年同期相同。

大摩指华润啤酒毛利率上升2个百分点至48.9%，高于预期的48.1%。受益于高端化与原材料成本下降，啤酒业务毛利率提升2.5个百分点至48.3%。
华润啤酒今早(19日)股价高开0.2%，公司中午公布上半年业绩，午后升幅扩大，盘中曾高见28.66元一度弹高7.7%，最新报28.18元上扬5.9%，成交额7.47亿元。(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。)

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