You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨東吳證券:維持燕京啤酒“買入”評級,業績持續高增

東吳證券研報指出,燕京啤酒25Q1歸母淨利潤同比+61.10%,U8銷量保持30%以上高增,其中銷量+3.11%/噸酒營收+3.47%/噸酒成本-5.76%,預計25Q2大單品U8延續較好增勢,量價齊升、成本彈性兌現,25Q2歸母淨利潤同比+36.70%至+48.26%,持續兌現高增。綜合來看,此前21、22、23、24年銷售淨利率爲2.45%、4.16%、6.01%、9.03%,25年銷售淨利率提升仍處於較好上升通道,改革成效持續兌現。短期雖餐飲端有所承壓,但燕啤仍處於改革的前半段,大單品U8高增持續兌現成長;中期維度燕啤亦屬於攻守兼備的優質標的,升級韌性、股息率提升是抓手。參考25Q2業績預告節奏,維持“買入”評級。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account