《大行報告》匯豐研究上調青啤(00168.HK)目標價至113元 評級「買入」
青島啤酒股份(00168.HK)上星期發盈喜,料2021年純利約31.5億人民幣,按年增長43%。匯豐研究將青啤H股目標價由100元上調至113元,維持「買入」評級,對公司高端化戰略的前景持樂觀態度,預計淨利潤將實現可持續的高增長。
匯豐研究表示,鑑於常規的疫情防控,認為公司將更多地專注於場外渠道,並將更多資源分配給中高端品牌,相信冬奧套餐和「一世傳奇」等新產品,將繼續刷新青島啤酒的品牌形象,估計其平均售價和毛利率將在2022年進一步提升。
匯豐研究相信,青島啤酒主要股東復星國際(00656.HK)減持計劃接近尾聲,目前青啤A-H股溢價高達63%,認為隨著復星減持完成,溢價將收窄。
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