高盛:潤啤(0291.HK)去年業績符合預期,惟降目標價至69港元
高盛發研報表示,華潤啤酒(0291.HK)去年收入按年增長6.2%,經常性EBIT增長21.5%,大致符合預期,而去年下半年放緩是由於高利潤率受壓和低於預期的高端產品銷量增長,將公司目標價由79.6港元下調至69港元,予“買入”評級,列入“確信買入”名單。
該行表示,預期公司今年銷售額按年增長8%,而經常性EBIT則增長20%。儘管對近期Omicron的形勢和高端市場競爭加劇有一些擔憂,但認為公司仍處於有利位置,可通過其多品牌組合、品牌投資和分銷網絡擴張來獲得高端市場份額。
該行提及,公司在今年1月至2月高端產品錄得非常高的增長,但由於新冠疫情的復甦,在3月受到了一些影響。如果情況在5-6月旺季之前得到控制,預計銷量增長將穩定反彈,平均售價增長趨勢強勁,惟考慮到高端產品放緩和原材料成本壓力,該行下調2022年至2024年的經常性EBIT預測6-8%。

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