智通财经APP获悉，中信里昂发布研报称，上调华润啤酒(00291)目标价4.2%，从33.2港元升至34.6港元，维持“跑赢大市”评级。该行下调对该公司2026/2027年盈利预测。
该行表示，华润啤酒2025年的业绩基本上符合先前的盈警，但2025年下半年啤酒平均销售单价(ASP)同比下降4.6%，情况差于预期。公司表示，这是由于一次性的消费者促销活动所致，预计2026年将恢复正常。管理阶层对2026年ASP增长持乐观态度，1-2月啤酒平均售价和销量均录得同比增长。该行认为，餐饮业复苏的可持续性是今年值得关注的关键潜在驱动因素。
该公司2025年53%的派息比率低于市场预期，尽管目前的股息率已超过4%，但管理阶层希望稳定提高派息比率。
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