智通财经APP获悉，摩根士丹利发布研报称，将华润啤酒(00291)目标价由35港元下调至30港元，维持"增持"评级。基于上半年业绩表现及短期需求前景转弱，将今年全年纯利预测下调9.5%至55亿元人民币，认为餐饮渠道需求仍然疲弱，加上天气的不利影响，啤酒销量增长将放缓，而集团高端化策略推动整体产品组合提升仍需时，目前平均售价增长较温和。
另外，润啤包装成本上升及经营杠杆减弱，大摩预期润啤短期毛利率将受压，在2026年基数已降低下，2027至2028年盈利预测亦下调12%，惟中期高端化趋势维持不变。大摩预测华润啤酒2026年啤酒销售年度同比增长3%，由0.9%销量增长及1.7%平均售价增长带动，经常性纯利料年度同比下跌3%至55亿元人民币。
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