《大行報告》招商證券下調潤啤(00291.HK)目標價至50元 評級「增持」
招商證券發表報告指,在最近與華潤啤酒(00291.HK)的討論中,管理層指出,第三季銷售業績應與同行報告的數據基本一致。該行認為這意味著華潤啤酒第三季銷量和平均售價可能會按年增長低單位數百分點至中單位數百分點。可以推斷來自啤酒業務的營收可能按年增長高單位數百分點至低單位數百分點。該行預計下半年啤酒營收將按年增長10.7%。
招商證券將潤啤2023至2025財年每股盈利預測分別下調4.5%,6.6%和7.1%,基於對金沙的增長預期和毛利率的預期的下調。將目標價從66.8元下調至50元,且目標市盈率降低至26.6倍,反映高於歷史平均市盈率1個標準差。目前,華潤啤酒的市盈率處於自2015年重組專注於啤酒業務以來的最低水平。因為華潤啤酒是消費領域為數不多的仍能提高均價和利潤率的公司之一,維持「增持」評級。
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