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富瑞:料潤啤(0291.HK)高端市場投資明年將有成果 維持買入評級
格隆匯 03-23 16:28

富瑞發表研究報告指,華潤啤酒(0291.HK)去年業績表現符合該行預期。管理層預期需求將在今年6月開始完全恢復,公司將繼續投資高端市場,該行預期投資將在明年開始有成果。富瑞維持華潤啤酒“買入”評級,目標價44.6港元。

富瑞表示,公司去年的銷售額按年增長4.2%,經常性EBIT增加20.1%,較預期低2%。銷售增長主要受惠於喜力中國的產品組合升級和整合。

該行預料,由於費用增加及經營去槓桿化,今年的銷售將按年下跌8%,經常性EBIT亦將跌28%。同時,受惠於喜力啤酒業務擴大,公司對優質產品的投資將於明年取得成果。風險包括新一輪的新型冠狀病毒肺炎疫情爆發、喜力的營銷費用超出預期,以及行業競爭加劇。

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