招商证券国际发表报告指，百威亚太(01876.HK) 成本集中确认与高基数重压去年第四季度盈利，惟利空大部分已消化，需求拐点尚待确认。下调2025和2026年EBITDA预测约5%，目标价7.5元，维持“中性”评级。该行预计百威亚太2025财年收官承压，因过渡期面临逆风加剧，第四季或成为盈利低谷。在亚太西区中国，低基数复苏预期并未实现，反而是餐饮渠道疲软持续压制销量。更关键的是，平均售价压力进一步...
Source Link招商证券国际发表报告指，百威亚太(01876.HK) 成本集中确认与高基数重压去年第四季度盈利，惟利空大部分已消化，需求拐点尚待确认。下调2025和2026年EBITDA预测约5%，目标价7.5元，维持“中性”评级。该行预计百威亚太2025财年收官承压，因过渡期面临逆风加剧，第四季或成为盈利低谷。在亚太西区中国，低基数复苏预期并未实现，反而是餐饮渠道疲软持续压制销量。更关键的是，平均售价压力进一步...
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