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《大行報告》中金:青啤(00168.HK)高端化穩步推進 料可提價抵銷成本壓力
中金髮表研究報告指,青島啤酒(00168.HK)發盈喜,預期2021年純利將按年增長43%至31.5億元人民幣,符合預期。 報告提及,疫情反覆對全年銷量造成壓力,考慮到公司聚焦於餐飲市場,估計全年銷量按年增幅僅達低單位數,其中低端產品下跌較多,但由於內地高端化趨勢依然,預期公司高端產品仍可持續實現雙位數增長。 該行指出,去年底青島啤酒已對部分中高端罐裝產品提價,幅度達雙位數,預料在成本上行的壓力下仍會逐步提價;同時公司銷售費用率及管理費用率會有輕微下行空間。 中金錶示,計及2021年的賣地收益及原料成本上漲,相應下調2022年純利預測至32.7億元人民幣,預期2023年純利將達到39.31億元人民幣,維持H股目標價80元,對應2022至2023年預測市盈率的28倍及23倍,維持「跑贏行業」評級。
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