You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》中金升潤啤(00291.HK)目標價至60元 關注喜力在內地持續高成長
阿思達克 11-23 11:55
中金發表報告表示,華潤啤酒(00291.HK)於11月18日召開雪花渠道夥伴大會,管理層細化了「4+4」產品矩陣,提出未來3至5年高端目標是接近進而超過主要競爭對手,並分享了渠道商打造培養計劃。同時,公司公布首三季純利36.5億人民幣,該行估計華潤啤酒減值及費用或主要計提在今年第四季。

該行指,華潤啤酒正快速擴充高端矩陣,認為公司未來通過渠道擴張、同渠道高低端產品置換及持續高強度的費用投入存在實現的可能,可以帶動公司盈利能力提升,但仍需關注其所擴充的新消費客群的屬性及喜力高端品牌價值維持的持久性。

據該行調研,喜力的市場能見度在各檔次的各渠道均快速提高,商超成交價基本在10元人民幣瓶左右,可以「迎合」未來三年10元人民幣價位快速成長勢頭並借助雪花渠道而實現快速放量,該行估計今明兩年喜力(包括星銀)在內地銷量或實現各25萬噸及35萬噸,其客群正在擴大 。

中金稱,由於公司聚焦喜力,上調今明兩年喜力銷量,但考慮到高低端替換效應,下調「勇闖」銷量增速,因此上調今明兩年盈利預測各8.3%及4.3%,各至24.16億及35.35億人民幣,引入2022年盈利預測41.51億元人民幣,考慮到估值切換,上調目標價20%至60港元,對應 今明兩年企業價值對EBITDA各25倍及22倍,維持「中性」評級。(wl/k)

~

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account