《大行报告》大和引述润啤(00291.HK)指争取盈利持续增长 不会牺牲盈利达到扩大市场份额
大和发表报告表示,华润啤酒(00291.HK)近日出席了该行举行的投资者会议,投资者最关注明年产品能否加价、与喜力中国的整合进程,及产能削减情况等。润啤管理层指,今年上半年公司旗下高端啤酒位销量45%,期内收入及销量按年升7%及2.6%,而喜力业务在今年5月及6月贡献3亿人民币收益,管理层料中间价格产品亦见改善。
该行认为,优越啤酒市场正增长,由於内地市场缺乏竞争分销者,公司管理层料优越啤酒市场於未来5至10年可持续高速增长,可藉产品整合提升冀争取平均售价。但该行引述润啤管理层指目标争取盈利持续增长,而非以牺牲盈利为目的达到扩大市场份额。而公司拒绝评论短期加价的可能性。
该行表示,维持润啤「买入」投资评级。
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