智通财经APP获悉，摩根士丹利发布研报称，受人民币升值带动，将华润啤酒(00291)的目标价由35港元上调至36港元，部分被盈利预测下调所抵销，维持“增持”评级。整体而言，该行大致维持对啤酒业务的销售及经营溢利增长预测，并预期持续的效率提升以及喜力啤酒的占比增加，将有助抵销原材料成本上升所带来的影响。
该行将华润啤酒2025至2027年每股盈利预测下调2%至4%，因白酒业务受需求环境挑战及业务需时重组所影响，加上铝价上升亦影响毛利率。该行预期啤酒业务销售在2025及2026年将分别增长2%及3%，经营利润率扩张将带动经常性经营溢利分别增长10%及7%。该行预期2025年白酒业务录得亏损，2026年亏损将收窄。该行预期整体经常性净利润在2025及2026年均增长11%。
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