大行评级丨高盛:下调华润啤酒目标价至30.1港元,因白酒业务拖累降收入预测

格隆汇
Aug 24
高盛发表研报指,华润啤酒上半年业绩符合预期,啤酒销量及平均售价展现韧性,惟盈利能力受包装成本上升的拖累,部分被间接成本效益提升所抵销,当中铝材价格上升对上半年销售成本增长的影响最为明显,管理层预期铝材成本压力将于第四季缓解。基于白酒业务拖累及包装成本压力上升,高盛将2026至2028年收入预测下调约2%,白酒收入预测降17%至24%,经常性净利润预测下调4%至6%,啤酒业务销售预测下调约1%,啤酒经常性EBIT预测下调约5%。该行下调估值基础,由预测明年市盈率17倍降至15倍,目标价由35.15港元下调至30.1港元,维持“买入”评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10