《大行报告》大和:青啤(00168.HK)第三季纯利增速较次季放缓 料今年後盈利增长放慢
大和发表报告表示,青啤(00168.HK)第三季纯利按年升18%至11.2亿元人民币,较次季按年升幅60%有所减慢,首季则按年下跌33%;同时第三季销量增速亦降至3%,相对於次季升8%。该行预计,青啤今年第四季至明年销售费用增加将推动销量增长并支持均价上升,但基於今年度高基数下,料之後盈利增长幅度会放慢。
该行上调其2020至2022年度收益预测1%及纯利预测10%至13%,以反映第三季均价上升及毛利率改善的因素,目标价由68元升至70元,维持「持有」评级。
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