《大行報告》匯豐研究上調青啤(00168.HK)目標價至91元 評級「買入」
匯豐研究發表報告,指青啤(00168.HK)今年首季收入和淨利潤分別較該行預期高2%和10%,預計收入的快速增長勢頭將持續,維持對青啤A股「持有 」評級,目標價由73元人民幣上調至77元人民幣。H股就維持「買入 」評級,目標價由86港元上調至91港元。為了反映今年首季的業績,維持今年的盈利預測不變,並將2022至2023年的收入預測提高0.9%至1%,毛利率預測提高0.5至0.6個百分點。
報告指,青啤營業利潤將繼續改善,預計今年第2季的收入按年增長在相對較高的基數上會有一些壓力,因為2020年首季疫情影響比第2季更大。但認為公司產品結構改善的趨勢將繼續,高端品牌將引領增長,加上旺季生產所需的大麥成本已被鎖定,將緩解成本壓力。考慮到青啤更清晰的品牌定位和區域品牌整合,預計在2020年高於預期的增長之後,今年淨利潤將進一步增長21%。
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