智通财经APP获悉，摩根大通发布研报称，预计华润啤酒(00291)2025年第三季销售额及经调整EBITDA分别录得低个位数及双位数增长，表现优于青岛啤酒股份(00168)和百威亚太(01876) 。
报告表示，啤酒行业现呈现两极化趋势，即高端化与降级并存。 白酒业务虽仍面临压力，但相比夏季已有所改善，或将计入商誉减值，但不会影响股息。派息方面，华润啤酒派息比率将由2024年的52%升至2025年的60%，并于2027-2028年再升至70-80%。集团管理层变更后业务保持韧性，发展步伐稳健。报告引述华润啤酒管理层会面对提及，维持2025年全年目标，经调整盈利(剔除2025年上半年与合资企业搬迁协议相关的特殊收入)同比增长高个位数至双位数，销售额同比增长低个位数。
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