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大行評級|里昂:下調華潤啤酒目標價至31港元 下調2024至26年每股盈測
格隆匯 08-20 14:28
里昂發表報吿指,華潤啤酒今年中期業績符合預期,喜力啤酒相關銷量錄得20%增長,但大眾高檔及以上部分的增長放緩,而中期息按年升6個百分點。公司管理層下調其今年啤酒銷量的指引至按年跌低單位數,該行料全年啤酒收入按年持平,平均售價增長微升,加上白酒今年收入增長約達按年30%。該行下調全年銷量預測,所以將2024年至2026年的每股盈利下調4%至5%,目標價由33港元下調至31港元,維持“跑贏大市”評級。里昂稱,整體而言對華潤啤酒下半年的展望為保守,雖然喜力啤酒仍然擴大其市佔率為好消息,不過見到消費環境沒有以往容易。潤啤料啤酒高檔化將進入一個新階段,對個性化體驗的需求將更趨多元化,並更着重性價比,而行業或需要時間來適應。
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