招銀國際:首予中國啤酒行業優於大市評級 看好華潤啤酒(0291.HK)
招銀國際報告首次覆蓋中國啤酒行業,給予優於大市評級,指啤酒行業的主要增長動力來自消費高端化,中國的高端及超高端類別啤酒於2018年僅佔銷量16.4%,遠低於美國及韓國的42.1%及25%,中國高端及超高端啤酒銷售額於2018至2023年的年均複合增長料達8.5%;生產效率提升;以及行業整合,預期行業領導者的銷售及行政開支比率將下降。
啤酒行業首選華潤啤酒(0291.HK),預期與喜力集團的合作,有助帶動其經調整盈利增長勝青島啤酒(0168.HK)。該行對潤啤評級為買入,目標價61.9港元,對青啤評級為買入,目標價78.1港元。
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