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《大行報告》招商證券下調華潤啤酒(00291.HK)目標價至66.8元 評級「增持」
招商證券發表報告指,華潤啤酒(00291.HK)上半年營收為238.71億元人民幣,按年增長13.6%,較該行預測低1.7%。淨利潤為46.49億元人民幣,按年增長22.3%,較該行預測高3.5%。 報告指,上半年潤啤次高端及以上產品的銷量按年增長26.4%。就次高端及以上產品,上半年銷量高於原定的2023財年兩位數的按年銷量指引。華潤啤酒沒有評論其2023財年的指引,該行認為可能是由於消費者支出的可視性較低,預計次高端及以上產品的銷量將在2023財年按年增長26%,總銷量按年增長3.8%。 招商證券指,由於人民幣貶值,將目標價由70.2元下調至66.8元,且目標市盈率降低至38.9倍,之前為41.1倍,反映高於歷史平均市盈率一個標準差。維持「增持」評級。
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