《大行報告》中金上調青啤(00168.HK)目標價至88元 評級「跑贏大市」
中金發表研究報告指,青島啤酒(00168.HK)第二季收入按年升7.5%,銷量則增長0.5%,產品售價上升7%;在產品升級加快及成本控制措施帶動下,純利按年提升近24%高出該行及市場預期。
該行表示,雖然上半年仍面對疫情影響,但青啤持續推進產品高端化,上半年中至高端產品銷量按年增長6.6%,均價提升6.5%,銷量貢獻佔比提升2.5個百分點。中金指出,在疫情影響下,公司今年全年銷售開支預期將錄得按年下跌。
近日包裝材料成本出現波動,鋁平均售價增長18.4%,紙箱平均售價增長1.3%,而玻璃瓶平均售價則按年跌18.1%。中金認為青啤已經歷過成本壓力最高的時間,預期未來整體成本可能會下降,相應地利潤率預期將改善,將目標價上調17%至88元,維持「跑贏大市」評級,並將今明兩年盈利預測上調9%及16%。
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