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富瑞:重申青島啤酒(0168.HK)買入評級 目標價96港元
格隆匯 04-23 13:09

富瑞發表研究報吿指,青島啤酒(0168.HK)今年首季銷售額按年增長42%至89億元人民幣,純利按年增長90%至10億元人民幣。受惠於平均售價及毛利率有所提高,集團的銷售額和純利,分別較該行預期高出3%及17%。該行維持青島啤酒H股目標價96港元,並重申買入評級,又指仍然看好集團持續的產品結構升級和效率提升。

富瑞表示,餐飲和夜生活渠道進一步復甦,加上低基數影響,令集團銷售增長受惠。銷售均價上升,主要是由於部分地區的產品價格上升、增加品牌銷售,以及提高高利潤產品。由於均價和效率提高,毛利率亦升5個百分點至45.1%。

該行指,集團在首季的強勁增長,證明了其在2019年改革後,產品結構和營運效率持續改善,預計市場對集團的信心將在短期內增加。

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