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《大行报告》汇丰研究上调青啤(00168.HK)目标价至91元 评级「买入」
阿思达克 04-27 13:59
汇丰研究发表报告,指青啤(00168.HK)今年首季收入和净利润分别较该行预期高2%和10%,预计收入的快速增长势头将持续,维持对青啤A股「持有 」评级,目标价由73元人民币上调至77元人民币。H股就维持「买入 」评级,目标价由86港元上调至91港元。为了反映今年首季的业绩,维持今年的盈利预测不变,并将2022至2023年的收入预测提高0.9%至1%,毛利率预测提高0.5至0.6个百分点。

报告指,青啤营业利润将继续改善,预计今年第2季的收入按年增长在相对较高的基数上会有一些压力,因为2020年首季疫情影响比第2季更大。但认为公司产品结构改善的趋势将继续,高端品牌将引领增长,加上旺季生产所需的大麦成本已被锁定,将缓解成本压力。考虑到青啤更清晰的品牌定位和区域品牌整合,预计在2020年高於预期的增长之後,今年净利润将进一步增长21%。

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