研報掘金 | 中郵證券:燕京啤酒量價齊升 旺季將至 給予“買入”評級
格隆匯4月21日丨中郵證券發研報指,燕京啤酒(000729.SZ)發佈2023年一季報,實現營業收入35.26億元,同增13.7%;歸母淨利潤0.65億元,同增7373.3%,業績符合預期。U8一季度銷量同增約50%,推動整體銷量同比增長13%,同時帶動公司噸價同比增長0.8%。此外,漓泉品牌23年通過加強營銷、產品創新等方式進行品牌煥新,隨着疫後消費場景的復甦,渠道反饋23Q1已獲得較好修復回升。展望二季度,隨着現飲等消費場景修復陸續修復,公司亦對非現飲渠道開拓,疊加氣温升高、旺季來臨,同時考慮到去年同期低基數等因素,預計二季度U8等大單品銷量或將持續增長,公司產品結構升級可持續,進而持續推動公司量價齊升。我們預計2023-25年歸母淨利潤分別為5.5/7.4/10.1億元,對應23-25年EPS分別為0.19/0.26/0.36元,對應當前股價PE為70/51/37倍,目標價為17.28元,給予“買入”評級。該股現報13.01元,總市值366億元。
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