《大行》中銀國際維持潤啤(00291.HK)目標價31.1元不變 續籲買入
中銀國際研究報告指,基於平均售價穩定及低單位數銷量增長,預期華潤啤酒(00291.HK)上半年啤酒業務收入有低至中單位數按年增長。白酒方面,該行料上半年銷售有所下降,行業盈利能力轉差,並認為近月有關商務招待時不得飲用奢侈酒類的政策出台,將限制國內白酒需求,影響會較預期長且深遠。
全年而言,集團指引淨利潤增長雙位數,該行認為有望達成,料啤酒業務銷貨成本(COGS)跌2.5%,因原材料採購價格下降,整體毛利率擴張1.4個百分點。另外,集團持續改善效率,營運開支比例下降。隨著資本開支下降,該行料2025、26及27年的派息比率將為60%、65%及70%。維持「買入」評級,目標價31.1元。
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