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中金:啤酒消費結構加速升級 建議長期關注華潤啤酒和青島啤酒H股
格隆匯 09-24 12:37

中金髮表研究報告表示,疫情之後,啤酒自飲場景變多,喝少但喝好的趨勢更明顯,助力結構升級,高端啤酒正快速步入日常。該行維持百威亞太(1876.HK)、青島啤酒(0168.HK)及珠江啤酒(002461.SZ)跑贏行業評級,短期建議關注燕京啤酒(000729.SZ),長期建議關注華潤啤酒(0291.HK)和青島啤酒。

中金指,若剔除進口啤酒因海外疫情而帶來的高端銷量的下滑,測算顯示龍頭公司10元以上超高端市場2020-23年銷量年均符合成長率約26%,遠快於高端整體9%左右的增速;超高端佔整體銷量及收入的比例或從2019年的8%及16.2%,提升至2023年的12%及24.6%。

中金續指,高濃度、低入口、具備口味記憶點的產品正在實現高成長,特定品類或具備成為全國高端大單品的潛力,如精釀品類中的白啤,而線下渠道的壟斷性優勢在削弱,電商渠道表現突出的品牌或成為高端競爭最終的勝者。

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