研报掘金|中金:下调华润饮料目标价至12港元 维持“跑赢行业”评级

格隆汇资讯
Sep 08, 2025

中金发表报告指,华润饮料上半年业绩符合该行预期,收入62.06亿元,按年下跌18.5%,净利润8.05亿元,按年跌28.6%。业绩符合此前预告。该行预计,下半年公司丰富产品矩阵、深化渠道变革的调整有望延续,认为短期调整是为长期发展蓄力。该行预计进入饮料旺季后公司经营状况有所改善,7至8月包装水及饮料销量或均实现按年增长。考虑渠道竞争持续激烈,预计下半年公司或将保持渠道及终端费用的高投入,以稳固...

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