研報掘金|開源證券:首次覆蓋華潤啤酒並予“增持”評級 高端化戰略成效顯著
開源證券發佈研究報吿稱,首次覆蓋華潤啤酒,給予“增持”評級,預計公司2024-2026年實現歸母淨利潤59.90、66.95、73.52億元,對應EPS為1.85、2.06、2.27元,高端化戰略成效顯著,利潤持續釋放,公司估值處理歷史較低分位。公司作為國內最大的啤酒龍頭,收購喜力中國區資產後高端化加速推進。行業方面,2016年以來國內啤酒需求逐漸趨穩,吿別高歌猛進拼搶銷量的擴張時代,龍頭份額逐漸集中,啤酒行業呈現區域割據的市場格局,行業開始步入了以經營提效和結構升級為主的高質量發展階段。公司方面,發展一直圍繞3+3+3戰略佈局展開,確定了3個發展階段、成為世界一流啤酒企業的宏偉目標。公司已經完成了第一和第二階段任務,即第一階段的去包袱(關廠優化產能和精簡隊伍)、強基礎(產品質量提升和創新+執行力提升等)、蓄能量(聯姻喜力,推進4+4品牌矩陣建設),第二階段的戰高端(高端銷量接近最大競品)、提質量(運營質量再次升級)、增效益(產能提效+管理優化+財務轉型,全面提升盈利能力)。
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