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《大行報告》海通國際下調潤啤(00291.HK)目標價至56元 維持「優於大市」評級
阿思達克 03-21 15:22
海通國際發表報告指,華潤啤酒(00291.HK)去年收入389.3億元人民幣(下同),按年增長10.4%,核心EBIT錄71億元,按年增30%,純利升18.6%至51.5億元人民幣。 展望2024年,海通國際預期潤啤銷售量微增,噸價呈中低單位數增長,喜力及純生分別達75及100萬千升,次高端以上則維持雙位數增長。目前公司大麥鎖價按年減幅達雙位數,包材價格壓力不大,預計結構提升將為業績增長提供較好彈性。 該行預計集團2024至26年的每股盈測分別為1.87元、2.14元、2.42元,考慮到可比公司估值下移,但公司啤酒業務銷售、收入、利潤已位列第一,未來領先優勢可望進一步擴大;去年白酒業務已完成較徹底的市場秩序重建,在全新的組織變革和品牌重塑下,今年預計將快速增長。該行將集團目標價由66港元下調至56港元,維持「優於大市」評級。
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