智通财经APP获悉，西部证券发布研报称，预计华润饮料(02460)25-27年收入为112/125/134亿元，归母净利润分别为13/16/18亿元，目前股价对应PE分别为19/15/14X。选取龙头饮料公司为可比公司，考虑到公司目前处于全国化扩张与渠道精耕阶段，首次覆盖，给予“增持”评级。
该行表示，公司包装饮用水收入增长短期以全国化扩张与渠道精耕为驱动力，长期享受行业向头部集中及中规格产品占比提升红利。随着公司向平台化企业迈进，饮料业务长期收入增长潜力大。随着自有产能占比逐步提高及规模效应释放下费用投效提升，盈利能力释放空间仍大。
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