大行评级|美银:下调华润啤酒目标价至26.6港元,重申“买入”评级

格隆汇
Oct 22
美银证券发表报告,下调华润啤酒2026及2027年每股盈利预测分别15%及14%,以反映第三季料偏软、宏观不确定性及持续成本压力,并将目标价由29.1港元下调至26.6港元,重申“买入”评级。该行预期2026年核心纯利同比双位数下跌至约47亿元,啤酒收入低个位数下跌,白酒收入跌逾20%,毛利率侵蚀逾1个百分点,主因铝成本上升及产量下跌拖累产能利用率。该行认为,2027年潜在催化剂包括在成本通胀下重启提价交易,以及对白酒资产进行策略检讨,包括可能对约45.4亿元白酒商誉作重大减值以移除估值拖累。

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