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《大行報告》大摩:青啤(00168.HK)首季業績回復正常 評級「減持」
阿思達克 04-23 09:54
摩根士丹利發表的研究報告指,青島啤酒股份(00168.HK)首季業績回復正常,今年開局良好,與2019年同期比較銷售升12%,經營溢利及淨利則分別升26%及27%,認為銷售增長有機會優於同業,而運轉率則大致符全年預測,予「減持」評級,目標價60元。

該行指出按年比較公司首季銷售升42%,而盈利則增長90%,主要因為去年同期受疫情影響較大,該行會繼續留意第二季旺季的表現,特別是比較基數挑戰增加以及行業營銷投資提升。該行估計今件公司銷售將增10%,而淨利增長則為41%。

大摩認為公司銷售復甦主要受惠銷量較2019年同期增長1%,而同期比較行業銷量則跌1.5%,另一方面銷售均價亦較2019年同期錄11%的增長。與2019年同期比較的話,今年首季青啤經營利潤率擴張1.3個百分點,經營開支比率雖擴闊5.1個百分點,不過相關影響被毛利率提升6.4個百分點所抵銷,期內淨利亦較2019年首季增長27%。

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