大行评级丨大和:下调华润啤酒目标价至30港元,下调核心每股盈利预测

格隆汇
Aug 20
大和发表报告指,华润啤酒上半年纯利同比跌11%至51.7亿元,较市场共识低2.3%。整体收入同比增长1.2%至242亿元,啤酒业务收入同比升2.2%至237亿元,白酒业务收入则同比跌27%至5.7亿元。啤酒业务销量同比升1.7%至660万千升,平均售价同比升0.5%至每千升3,586元,表现优于行业整体水平,主要受惠于中高档及以上啤酒销量同比强劲增长10%,占总销量26%。管理层在业绩会上强调正加大对中高档品牌的推广投资,该行认为这或减慢集团整体均价的扩张步伐。鉴于该公司对次高端品牌的投资以及原料成本压力,导致平均售价及利润率扩张速度可能低于预期,大和下调华润啤酒2026至2028年核心每股盈利预测2%至4%,目标价由33.3港元下调至30港元,维持“买入”评级。

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