华泰证券报告指，禁酒令对青岛啤酒(00168.HK) 第二季啤酒销售影响较大，但随着禁酒令影响走弱，餐饮端需求抑制逐步解除、中高档啤酒销售有望逐步恢复。该行下调对青岛啤酒今年至2027年每股盈利预测1%至2%，目标价由71.78元降至65.46元，对应2025年预测市盈率17倍，维持“买入”评级。
该行指行业销售受禁酒令、消费偏弱等因素影响有所承压，青岛啤酒受惠低基数销量有所恢复。公司中高档及主品牌中低档上半年销量分别按年增长5.1%及1%，第二季按年增长4.8%及1.4%，崂山等其他品牌上半年销量按年持平，第二季按年跌2.2%。该行认为，青岛啤酒中高档销量占比持续提升，预计白啤受惠品类红利实现较快增长，经典产品受惠于价格带韧性亦有较快增速，纯生仍略有承压。(fc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-27 16:25。)
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