《大行报告》高盛:内地乳制品及啤酒业本季温和复苏 齐削宣传支出
高盛发表研究报告指,内地第三季乳制品市场需求仍然较弱,啤酒行业随着内地夜生活恢复而温和复苏,认为疲情期间,内地消费品行业中啤酒和饮料市场受影响较大。
报告指,乳制品行业上半年竞争激烈,第三季销售额仅达到分销商目标的70%至80%,行业总支出比率下降,其中蒙牛(02319.HK)的销售增长更具韧性。
啤酒行业方面,高盛指出上半年销量仅占去年同期约60%至70%水平,但第三季整体销售额录得单位数按年增幅,认为市场正在温和复苏,估计华润啤酒(00291.HK)第三季销售额有望增长10%,青岛啤酒(00168.HK)增长约20%,而百威(01876.HK)则预期持平。
该行又指,由於企业上半年花更多时间处置即将到期产品,因此期内营销费用有所下跌。
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