麥格理:維持華潤啤酒(0291.HK)遜於大市評級 目標價44.7港元
麥格理髮表研究報吿指,華潤啤酒(0291.HK)發盈喜,預期2021財年純利為44至47億元人民幣,按年增長110%至124%。該行指出,雖然2021年下半年錄得正增長,但該改善是由於減值損失減少,而銷量將受到疫情風險的抑制,均價增長也由上半年起放緩,預計下半年調整後EBIT將按年下降43%,上半年則將增長43%。該行維持集團“遜於大市”評級,予目標價44.7港元。
麥格理認為,基於潤啤的主要市場,即浙江和華北地區的疫情復甦,2021年下半年的交易量將面臨挑戰,料公司的銷售在去年季末惡化。另一方面,集團於去年9月將產品Superx提價,該行料這將在2022年為集團帶來更多好處,而因為投入成本膨脹帶來的不利因素並未消退,故料啤酒廠商將在2022年第二季推出新一輪價格調整,集團或會跟隨。
報吿提及,集團擬在2022年推出一種新的優質產品全麥生啤酒,集團亦正在通過加強與大型經銷商的網絡來促進優質產品的銷售。該行預計,優質產品的銷售貢獻可能分別會從2019及2020年的11.5%和13.2%,增加到2021年的17%。

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