大行评级丨交银国际:下调华润啤酒目标价至32港元,仍为啤酒行业首选

格隆汇
Aug 25
交银国际发表报告指,华润啤酒上半年啤酒主业稳健发展、高端化持续推进,但成本端面临逆风。收入同比增长1.2%至242亿元,其中啤酒业务收入同比增长2.2%,整体表现稳健。啤酒销量同比增长1.7%,优于同业表现;次高档及以上产品销量同比增长超过10%,高端化趋势延续。利润端,包材等成本上涨对利润释放形成一定拖累,同时白酒业务仍处于调整阶段;最终剔除深圳总部相关收益影响后,上半年EBITDA同比下跌约1.2%。考虑到原材料成本压力及需求复苏节奏的不确定性,该行下调公司2026至28年盈利预测3%至6%,并下调目标价至32港元,维持“买入”评级,仍是啤酒行业的首选公司,看好公司啤酒高端化的长期发展逻辑。

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