《大行報告》高盛:潤啤(00291.HK)定五年計劃 冀2025年高端產品銷量及利潤超同業
高盛發表報告,華潤啤酒(00291.HK)昨在深圳召開渠道合作夥伴大會,並作全國廣播,公司的首席執行官、品牌/營銷高級管理人員分享了最新營運情況及策略,總體而言,該行認為華潤啤酒的管理層對在今年受新冠疫情影響的一年所取得的成就感到非常滿意,並對未來增長戰略充滿信心,定下五年計劃及冀2025年高端產品銷量及利潤超同業。
該行表示,重申對華潤啤酒「買入」評級及目標價58元,此相當預測明年企業價值對EBITDA的21倍。
該行引述華潤啤酒管理層指,已制定了未來五年的增長路線圖,首先的目標是公司至2022年在高端細分市場中與領先競爭對手的規模更為接近,並最終在2025年超過同行(按高端銷量和利潤計算);第二是潤啤管理層針對其「4+4」(由勇闖天涯SuperX、馬爾斯綠、匠心營造、花臉等組成四大中國品牌,由喜力星銀、蘇爾等組成四大國際品牌)國內外品牌以及他們未來計劃的其他新產品/類別提出了更詳細的增長策略。
高盛指,華潤啤酒將堅持其「4+4」核心產品矩陣,同時擴展其產品和類別產品組合,以滿足多樣化的需求。「4+4」主要指不同價格點,目標消費者和產品定位的國內外SKU,產品擴展將包括非酒精啤酒,淡啤酒,IPA(India Pale Ale,印度淡色艾爾啤酒),黑麥啤酒等啤酒中的多樣化產品,該公司還將隨著時間的推移推出酒精飲料和非酒精飲料領域的產品。
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