《大行報告》華泰證券下調青啤(00168.HK)目標價至85.63元 評級「買入」
華泰證券發表報告指,青啤(00168.HK)第三季營收93.9億元人民幣(下同),按年下跌4.6%。純利14.8億元,按年上升4.7%。首三季,結構升級趨勢強勁,帶動噸價高增,但第三季成本端仍受壓,費投亦有所增加,盈利能力則延續提升態勢。
展望第四季,該行指低基數下銷量有望恢復正增長,隨包材價格下降逐步傳導,成本壓力有望緩解。考慮消費復甦偏緩對銷售造成一定影響,將2023至2025年每股盈利預測分別下調至3.26/4.01/4.72元,原先預測為3.30/4.12/4.84元。H股參考近3年對A股估值折價均值30%,給予2024年H股20倍市盈率預測,目標價85.63港元,評級「買入」。
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