研報掘金 | 中郵證券:U8放量帶動公司結構升級 燕京啤酒22年業績符合預期 給予買入評級
格隆匯4月19日丨中郵證券發研報指,燕京啤酒(000729.SZ)2022年全年實現營業收入132.02億元,同比增10.38%;歸母淨利潤3.52億元,同比增54.51%。其中,受益於關廠減員提效等措施,Q4虧損幅度縮小至3.2億元。公司全年實銷量為377.02萬千升,同比增4.12%,優於行業(行業銷量增速為1.1%),其中,U8實現銷量38.89萬千升,同增51%,帶動公司全年噸價同增5.98%至3501.7元/千升。展望全年,該行指,公司收入端隨着現飲消費場景修復等陸續修復,疊加公司全鏈路立體營銷、基地市場強化、“百縣工程”拓展非基地市場,U8 銷量有望維持50%+增速至60萬千升左右;成本費用端,“1+5+N”組織架構改革正式落地,成本費用有望得到有效控制,公司盈利能力或將持續高增。中郵證券表示,公司虧損持續收窄,仍將處於改革紅利釋放期,市場化激勵制度持續推進,公司內部活力逐漸增強,疊加市場環境修復,內外部催化充足,後續潛力仍大。給予公司目標價17.28元及“買入”評級。該股現報13.6元,總市值383億元。
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