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《大行报告》汇丰研究升青啤(00168.HK)评级至「买入」 目标价上调至86元
阿思达克 03-10 13:49
汇丰环球研究发表报告,指青岛啤酒(00168.HK)去年收入和纯利胜预期,公司正以加价与升级产品以抵销成本压力,决定上调对其评级,由「持有」升至「买入」,目标价由76元升至86元。

该行指,预期青岛啤酒销售今年可录低单位数增长,但其高端品牌产品见双位数升幅,加上去年低基数,估计公司今年首季销量可有35%增长。公司正改善推广以及推出高端产品,以抵销疫情影响。

汇丰环球研究指,青岛啤酒去年销量为782.3万吨,按年跌3%,高於预期2%,市占率扩大1.6个百分点至23%,利润率升1.3个百分点至7.9%,主因成本控制和改善效率所致。原材料成本於今年较波动,但相信公司可以应对,故升今年纯利预期1个百分点至8.2%。

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