《大行報告》匯豐研究降潤啤(00291.HK)及青啤(00168.HK)目標價 評級「買入」
匯豐研究發表報告指,過去三個月,中國啤酒行業股價平均下跌19.5%。該行指,在宏觀經濟放緩的背景下,消費復甦速度放緩,今年的平均銷售價格增速料將低於過去三年,但行業利潤率仍有進一步擴大的空間。不過,利潤率改善的步伐可能會比預期的慢。因此該行將所覆蓋的主要啤酒公司2023至2025年每股盈測平均下調2%至6.4%,意味著平均年複合增長率為14.4%。此外,該行指,中國啤酒行業目前的估值具有吸引力,是一個良好的入市點。
匯豐研究預計,青啤(00168.HK)去年第四季銷量將錄得中單位數按年跌幅,潤啤(00291.HK)第四季銷量將錄得低單位數增長。由於基數較高,該行預計今年第一季啤酒銷量增長將面臨壓力,而第二季基數較低,壓力將有所緩解,可能成為啤酒公司股價的催化劑。
匯豐研究將潤啤目標價由56元下調至44.2元,青啤目標價由91元下調至70.5元,百威亞太(01876.HK)目標價由22.8元下調至17元,評級均為「買入」。
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