《大行報告》招商證券國際下調潤啤(00291.HK)目標價至45.4元 評級「增持」
招商證券國際發表報告,認為華潤啤酒(00291.HK)去年下半年業績不及預期更多是一次性事件,並且從2023財年業績公布中看到的積極信號多於消極信號。華潤啤酒2024財年啤酒銷售指引證實,高端化趨勢仍可能繼續,並應該被視為積極的。由於大多數原材料價格預計會下降或小幅上漲,疊加持續的高端化,應該有利於利潤率。而特別股息亦顯示華潤啤酒對2024財年現金流的信心。
招商證券國際將潤啤2024和2025財年每股盈利預測分別下調1.2%和上調1.6%。目標價由50元下調至45.4元。維持「增持」評級。
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