《大行報告》中信証券升潤啤(00291.HK)目標價至60元 料未來三年迎來高端化收成期
中信証券發表研究報告指,華潤啤酒(00291.HK)預計將於2023至2025年迎來產品高端化收成期。該行預期,今年公司次高端及以上的產品銷量或突破200萬千升,2025年或衝擊400萬千升。短期來看,2023年公司產品結構升級持續、成本壓力有所減弱,料仍可延續今年較好表現。長期來看,公司可藉助強大的基地市場和持續提升的高端化能力,實現盈利持續較快增長。
該行分別維持集團今明兩年的核心淨利潤預測為44.7億及57.6億元人民幣,而2024年則為69.7億元人民幣。考慮到海外成熟市場百威(01876.HK)、嘉士伯、喜力全球這龍頭企業未來三年淨利潤增速預測為中單位數,預計潤啤未來三年的核心淨利潤將迎來較高確定性的加速增長、複合增速有望保持在20%以上。考慮到公司近期業務範圍變化及防疫政策邊際變化,上調集團目標價至60港元,維持「買入」評級。
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