《大行報告》華泰證券升潤啤(00291.HK)目標價至48.69元 去年高端化延續
華泰證券發表評級報告指,潤啤(00291.HK)去年營業總收入及歸母淨利潤分別達389.3及51.5億元人民幣,按年升10.4%及18.6%。按業務來看,公司去年啤酒銷量及價格分別按年升0.5%和4%,次高端及以上產品銷量按年升18.9%至250萬千升,疊加費效比提升,啤酒業務實現核心淨利潤52.5億元人民幣,按年增長15%,毛利率達41.4%,按年升2.9個百分點。
該行表示,看好公司在啤酒全價格帶的競爭優勢及成本有望迎改善,考慮到消費弱復甦,並下調其盈利預測,預計今年及明年每股盈測分別為1.84元和2.11元人民幣,引入2026年每股盈測為2.41元人民幣,並將其目標價由43.46元上調至48.69元,維持其評級為「買入」。(ca/cy)
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