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《大行報告》摩通:市場對啤酒股重視質素及毛利擴展 首選潤啤(00291.HK)
阿思達克 11-19 14:27
摩根大通發表報告指,根據國家統計局數據,內地10月啤酒行業生產量按年下跌11.3%至188萬噸,表現遜於市場預期。該行認為,生產量下跌或因十月黃金周假期及雙十一網上購物節,令主要啤酒企業提前於9月制定生產計劃,及今年10月氣溫較去年同期冷。

該行表示,行業生產量放慢不一定代表市場龍頭的銷售量增長亦放緩,雖然整體行業10月產量下跌是令人失望,但並不認為是時候對中國啤酒行業看法轉為負面。

摩通喜好內地啤酒業的高檔化趨勢,因可推動毛利率擴張,而市場亦重視啤酒股的增長質素及毛利擴展多於啤酒量的上升。行業中,該行首選仍為華潤啤酒(00291.HK),緊接為青島啤酒(00168.HK)及百威亞太(01876.HK)。

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