《大行報告》匯豐研究下調青啤(00168.HK)目標價至102元 評級「買入」
匯豐研究發表研究報告指,青島啤酒(00168.HK)去年度收入及盈利分別增長8.7%及43%,符合預期,年初至今公司H股股價下跌18%,對比同期滬深300及國企指數分別下跌16%和6%,考慮到青啤的高端化戰略可能持續,相信有助緩解成本壓力。
該行表示,青啤去年總銷量增長1.4%,當中青島品牌銷量增長11.6%,青島啤酒高端及以上產品銷量增長14.2%,帶動其均價提升7.2%,毛利率按年增長1.3個百分點至36.7%,預測未來幾年毛利率將持續增長,至2024年達到約40%。
匯豐研究表示,雖然疫情影響3月份啤酒銷售,預期青島啤酒首季銷量將出現低單位數跌幅,但相信去年底起價格上調及產品結構改善,仍可能會推動首季收入及淨利潤分別增長約5%及10% ,同時將今明兩年收入預測上調0.3%及2.4%,維持「買入」評級,目標價則由113元降至102元,預期內地消費情緒將從第二季起開始復甦,並相信青島啤酒今年銷量將繼續跑贏行業。
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