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《大行报告》高盛:润啤(00291.HK)定五年计划 冀2025年高端产品销量及利润超同业
阿思达克 11-19 11:24
高盛发表报告,华润啤酒(00291.HK)昨在深圳召开渠道合作夥伴大会,并作全国广播,公司的首席执行官、品牌/营销高级管理人员分享了最新营运情况及策略,总体而言,该行认为华润啤酒的管理层对在今年受新冠疫情影响的一年所取得的成就感到非常满意,并对未来增长战略充满信心,定下五年计划及冀2025年高端产品销量及利润超同业。

该行表示,重申对华润啤酒「买入」评级及目标价58元,此相当预测明年企业价值对EBITDA的21倍。

该行引述华润啤酒管理层指,已制定了未来五年的增长路线图,首先的目标是公司至2022年在高端细分市场中与领先竞争对手的规模更为接近,并最终在2025年超过同行(按高端销量和利润计算);第二是润啤管理层针对其「4+4」(由勇闯天涯SuperX、马尔斯绿、匠心营造、花脸等组成四大中国品牌,由喜力星银、苏尔等组成四大国际品牌)国内外品牌以及他们未来计划的其他新产品/类别提出了更详细的增长策略。

高盛指,华润啤酒将坚持其「4+4」核心产品矩阵,同时扩展其产品和类别产品组合,以满足多样化的需求。「4+4」主要指不同价格点,目标消费者和产品定位的国内外SKU,产品扩展将包括非酒精啤酒,淡啤酒,IPA(India Pale Ale,印度淡色艾尔啤酒),黑麦啤酒等啤酒中的多样化产品,该公司还将随着时间的推移推出酒精饮料和非酒精饮料领域的产品。

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