《大行報告》建銀國際降潤啤(00291.HK)目標價至45.9元 去年下半年銷量令人失望
建銀國際發表報告指,據國家統計局數據,內地去年7月至11月啤酒產量按年跌5%,主要受宏觀經濟疲弱及第三季天氣不利影響,令銷售較預期少,該行下調華潤啤酒(00291.HK)去年下半年收入預測,但估計平均售價有低單位數升幅,抵銷銷量低單位數下跌的負面影響,並預期中高端產品銷售有高十位數(high-teens)升幅,雖然較上半年的升幅放緩,但仍然高於同業平均水平。
該行指,由於聖誕及新年的銷售疲弱,對於今年初的復甦維持審慎,預期潤啤今年收入有中單位數升幅,平均售價提升約4%,因產品組合優化。全年毛利率提升1.1個百分點至43.2%,在經營槓桿改善下,EBIT利潤率提升1.2個百分點至18.8%。
該行因應潤啤去年下半年收入增長較弱,以及對今年前景審慎,將潤啤去年及今年的EBITDA預測,分別下調4%及8%,維持「跑贏大市」評級,目標價由65.3元下調至45.9元。
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