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研報掘金|華興證券:下調百威亞太目標價至11.6港元 重申“買入”評級
格隆匯 01-24 15:22

華興證券發表報吿指,百威亞太中國業務在2024年第四季面臨多重挑戰。管理層表示公司當期內去庫存以保持健康的渠道庫存水平,加上即飲渠道表現疲軟,對公司在中國的銷量產生負面影響。此外,百威亞太2023年第四季度在中國業務的基數較高。由於渠道結構的改變,中國市場單價增長趨勢惡化,或導致亞太西部地區四季度的單價按年跌幅由2024年第三季的2.1%擴大至3.3%。

報吿指,受到宏觀經濟環境挑戰,百威亞太的銷量減少導致營運效益下降,加上主要原材料價格開始回穩或反彈,令成本效益降低,預計百威亞太的正常化EBITDA利潤率將在2024年第四季按年惡化。儘管韓國強勁的銷量態勢和更高的單價可能部份抵銷中國市場的負面影響,但仍預測百威亞太2024年第四季正常化EBITDA按年下降25.8%。華興證券將百威亞太的目標價由13.15港元下調至11.6港元,重申“買入”評級。

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