《大行報告》美銀證券下調青啤(00168.HK)目標價至96.1元 評級「買入」
美銀證券發表研究報告指,青島啤酒(00168.HK)上半年銷售額及稅後淨利按年增長16.7%及30%,第二季銷售額額則按年跌0.2%,利潤升5.7%。期內收入符合預期,利潤表現則超出預期,主要由於毛利率強勁增長及營銷開支減省。
該行認為,期內增長來自於集團有效地優先投放資源在高端產品所致,青島品牌銷售額增長21%,高端業務增長41%。美銀基本維持預測,將目標價下調6%至96.1元,並略微調整今明兩年企業價值對EBITDA比率,以反映市場對青啤降級。
由於內地部分地區降雨情況及疫情爆發,7月份銷售呈現疲軟趨勢,交易量出現高單位數跌幅,但主要為低價產品,高端產品則保持增長;由於華潤啤酒(00291.HK)計劃在未來3個月內提價,不排除青島啤酒在短期內提價的可能性。
美銀預計青啤今年收入將實現高單位數增長,盈利料增長超過20%,重申「買入」評級,繼續看好青島啤酒品牌在市場高端化的優勢。
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