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《大行報告》大華繼顯上調青啤(00168.HK)目標價至91.8元 評級「買入」
大華繼顯發表報告指,青島啤酒(00168.HK)銷售動力在7月及8月因天氣欠佳受阻,但對公司全年銷售增長及高端化趨勢樂觀。上半年旗艦產品銷售增長理想,已展示其在次高端或以上品位啤酒市場的強勁競爭力。該行維持青島啤酒「買入」評級,目標價由88元升至91.8元。 報告引述管理層指,銷售在7月至8月受天氣影響,但銷售動力近期見改善跡象。管理層對今年底前銷售趨勢樂觀,受惠黃金週及公司強化廣告推廣。該行預測公司今明兩年收入按年各升23%及8%,其中啤酒銷量分別升16%及5%,產品平均售價料分別升7%及2%,毛利率在持續高端化下,將分別按年升2.2及0.3個百分點。 該行料青島啤酒今明兩年盈利分別升31%及10%,意味2022至2024年盈利年複合增長率達20%。今明兩年淨利潤率料爲12.3%及12.6%,高於去年的11.5%。
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