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《大行》華泰證券: 潤啤(00291.HK)有望維持高質量發展 升目標價至38.59元 評級「買入」
華泰證券研究報告指出,華潤啤酒(00291.HK)今年上半年收入239.4億元人民幣,按年增加0.8%;歸母淨利潤 57.9億元人民幣,按年增加23%。該行表示,公司上半年利潤超出市場預期,核心在於:投資搬遷帶來收益8.3億元人民幣;啤酒業務成本及費用降幅超預期,上半年公司毛利率、銷售費用率分別按年增加2個百分點、跌2個百分點。 華泰證券表示,展望來看,公司下半年啤酒業務高檔、大衆化產品發力有望延續量價齊升趨勢,白酒聚焦價格修復、推動光瓶酒複用啤酒渠道,期待經營好轉,利潤在三精主義(成本/費用/投資精簡、精細、精益)及成本紅利的帶動下有望持續釋放。 該行續指出,展望下半年,公司把握新消費趨勢,疊加成本紅利延續、三精主義落地,有望繼續高質量發展期。考慮公司投資搬遷帶來一次性收益,且成本及費用節約較多,上調公司盈利預測,預計2025至2027年每股盈利1.85元、1.82元、1.93元人民幣(較前次增18%、增9%、增7%)參考可比公司2025年市盈率均值19倍,給予2025年目標市盈19倍,目標價從37.41港元升至38.59港元(對應2025年22倍市盈率),維持「買入」評級。
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