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研報掘金丨國泰君安:維持燕京啤酒“增持”評級,上調目標價至14.3元
格隆匯 01-02 16:47

國泰君安研報指出,得益於全方位改革提效,預計燕京啤酒(000729.SZ)2024年收入利潤增長顯著優於行業,2024Q4量價環比有望加速、減虧可期,2025年量價增長和盈利改善勢能有望持續。上調目標價至14.3元,維持“增持”評級。預計2024Q4公司量價增長環比提速可期,其中大單品U8 受益於持續的區域滲透、渠道拓展以及產品的逐步系列化發展,預計保持較快增長,在區域梳理和管控力度整體有所強化的背景下,全年達成高增目標可期,牽引產品結構提升。展望2025年,較為積極的政策下若餐飲場景觸底企穩,行業景氣有望逐步修復,公司亦將受益展現較大的量價和估值彈性。

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