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研報掘金|華興資本:下調青島啤酒目標價至81港元 首季業績疲弱
格隆匯 05-10 13:25

華興資本發表報吿,下調對青島啤酒今年至2026年收入預測1.3%,以反映首季疲弱業績,並下調今年經調整淨利潤預測3.1%,以反映經營槓桿放緩。該行以經調整企業價值比率12倍作為參考,目標價由101港元降至81港元,維持“買入”投資評級。

該行認為公司首季業績相對疲軟,銷量急速下跌,平均售價增長2.4%亦遜預期,縱使利潤率在售價上調及有利成本環境下持續擴張。該行指,公司產品平均售價上升仍主要由產品組合推動,亦是以較為不理想的方式進行。按產品分級,中至高端產品銷量按年跌2.4%,對比同業中至高端產品錄得銷量增長,情況或令人憂慮。該行相信青島啤酒情況部分受去年首季高基數影響,預期高端產品銷量在基數效應減退後,於第三季回覆正增長。

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