《大行》高盛升潤啤(00291.HK)目標價至35元 青啤(00168.HK)升至61元
高盛發表研究報告,對中國啤酒行業短期內持謹慎態度,並下調行業今年銷量及均價增長預測至0.3%,對比此前預測為增長0.5%及1.1%,以反映當局於5月出台反奢靡政策對餐飲業的衝擊。但高盛相信政策影響將於2026年逐步正常化,屆時行業價值增幅可回升至2.1%。
高盛指,今年上半年啤酒企業表現分化,華潤啤酒(00291.HK)等透過成本效益實現10%至11%經常性EBIT增長,但6月起行業月度增速普遍放緩,面對短期挑戰,啤酒商正積極拓展即時零售等新興渠道,並探索品類擴張,相信投資者未來會較關注企業產能優化及股東回報。
高盛將其所覆蓋的啤酒企業2025及2026年盈利預測下調0.3%至4%,維持華潤啤酒「買入」評級,目標價從33.5元上調至35元,看好其應對周期能力;青島啤酒(00168.HK)與百威亞太(01876.HK)同予「買入」評級,青啤目標價微升至61元,百威亞太維持目標價為9元。
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