《大行报告》大摩:青啤(00168.HK)首季业绩回复正常 评级「减持」
摩根士丹利发表的研究报告指,青岛啤酒股份(00168.HK)首季业绩回复正常,今年开局良好,与2019年同期比较销售升12%,经营溢利及净利则分别升26%及27%,认为销售增长有机会优於同业,而运转率则大致符全年预测,予「减持」评级,目标价60元。
该行指出按年比较公司首季销售升42%,而盈利则增长90%,主要因为去年同期受疫情影响较大,该行会继续留意第二季旺季的表现,特别是比较基数挑战增加以及行业营销投资提升。该行估计今件公司销售将增10%,而净利增长则为41%。
大摩认为公司销售复苏主要受惠销量较2019年同期增长1%,而同期比较行业销量则跌1.5%,另一方面销售均价亦较2019年同期录11%的增长。与2019年同期比较的话,今年首季青啤经营利润率扩张1.3个百分点,经营开支比率虽扩阔5.1个百分点,不过相关影响被毛利率提升6.4个百分点所抵销,期内净利亦较2019年首季增长27%。
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