《大行報告》匯豐研究上調潤啤(00291.HK)目標價至80元 評級「買入」
匯豐環球研究發表報告指,華潤啤酒(00291.HK)去年收入按年升5.6%至353億元人民幣,較該行預測低了1%,主要是去年下半年平均售價表現弱於預期;該行預料,喜力今年銷量加速按年增長33%,並料公司今年會繼續擴張渠道,從帶動其高端產品銷量。
該行指,潤啤管理層指引今年銷量錄得正面增長,收入錄得中至高單位數增長,以及利潤達雙位數增長,均符合該行預期。
匯豐環球研究表示,將華潤啤酒在2023年至2024年銷量預測上調,惟其平均售價預測則下調;同時,該行將今年及明年收入測下調1.3%及1.2%,以及稍微下調公司在2023年至2024年毛利率預測。另外,該行將潤啤今年及明年息稅前利潤預測分別上調各2.9%及2.2%。
該行將華潤啤酒目標價由77元上調至80元,維持「買入」評級。(ca/w)
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