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《大行報告》高盛:內地乳製品及啤酒業本季溫和復蘇 齊削宣傳支出
阿思達克 09-18 14:33
高盛發表研究報告指,內地第三季乳製品市場需求仍然較弱,啤酒行業隨著內地夜生活恢復而溫和復甦,認為疲情期間,內地消費品行業中啤酒和飲料市場受影響較大。

報告指,乳製品行業上半年競爭激烈,第三季銷售額僅達到分銷商目標的70%至80%,行業總支出比率下降,其中蒙牛(02319.HK)的銷售增長更具韌性。

啤酒行業方面,高盛指出上半年銷量僅佔去年同期約60%至70%水平,但第三季整體銷售額錄得單位數按年增幅,認為市場正在溫和復甦,估計華潤啤酒(00291.HK)第三季銷售額有望增長10%,青島啤酒(00168.HK)增長約20%,而百威(01876.HK)則預期持平。

該行又指,由於企業上半年花更多時間處置即將到期產品,因此期內營銷費用有所下跌。

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