智通财经APP获悉，高盛发布研报称，百威亚太(01876)首季业绩销售符合预期，EBITDA优于市场所忧虑情境，集团层面及亚太西部销量分别同比增长0.1%及1.7%。管理层将重拾集团层面销量增长列为2026年首要目标，当中稳定中国销量为关键焦点。目标价由8.5港元上调至8.8港元，评级“买入”。
该行预期，2026年中国市场销量复苏将由多个因素推动，包括首季高端化加速的初步迹象，超高端产品销量录得双位数复苏；O2O渠道首季录得强劲双位数增长，对居家渠道增长贡献渐见显著；以及公司持续投资品牌及补货渠道以迎接旺季及体育盛事。但该行提醒，中国餐厅渠道持续受压仍是主要拖累因素，而第二季销量复苏路径或较波动。
高盛将百威亚太2026至2028年销售预测上调约2%，主要反映汇率更新，其中人民币兑美元升值约5%，部分被韩元兑美元贬值约3%所抵销，销量展望维持不变。纯利预测上调3%至4%，主要反映营运效率优于预期。
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