富瑞:料第三季啤酒銷量回復增長 看好華潤啤酒及青島啤酒
富瑞發表研究報告指,新冠肺炎疫情爆發將打擊中國啤酒商第二季度的銷售,因受去庫存影響,但預料第三季銷量回復增長,因此維持華潤啤酒(0291.HK)及青島啤酒(0168.HK)買入評級。其中,潤啤目標價為48港元,青島啤酒H股及A股目標價則分別看63港元及56元人民幣。
富瑞指,華潤啤酒及青啤均表示,今年首兩個月銷量下跌20%至30%,其庫存量已累積至三星期。而青啤更預計,三月份銷量將會再跌30%至40%,不過公司認為,四月下旬消費料會逐步回覆正常,並預期仍可達全年銷售目標。此外,分銷商亦料會增加更多促銷活動,尤其是酒吧銷售渠道,以避免產品過期。
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