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瑞銀:降潤啤(0291.HK)目標價4%至70港元,下調經常性盈利預測

格隆匯3月25日丨瑞銀髮研報指,華潤啤酒(0291.HK)去年除税後淨利潤為45.87億元,符預期。當中,下半年毛利率按年跌0.3個百分點;高端品牌增長28%,兩者皆遜於其指引。該行重申其“買入”評級,目標價由72.7港元下調3.7%至70港元。

瑞銀指,在產品組合升級和價格上升的支持下,2022年毛利率增長可能超過經營槓桿影響下的銷售和分銷費用壓力,意味着2022年息税前利潤率將錄得增長。瑞銀將其2022-24年經常性淨利潤預測平均下調5%,每股盈利預測亦平均下調5%。

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