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《大行報告》摩通上調潤啤(00291.HK)目標價至90元 評級「增持」
摩通發表報告,指潤啤(00291.HK)最近將其2025年的高端化目標提高了近30%,意味著其次高端及以上啤酒銷量在2020年至2025年期間將年均增長22%,在2025年佔總銷量的30%。根據該行的估計,與青島啤酒(00168.HK)和百威啤酒(01876.HK)相比,潤啤在2019年至2023年期間的銷售額和EBITDA年複合增長率將更高,將其目標價由83元上調至90元,評級「增持」,仍是該行的首要選擇之一。

摩通預測,潤啤在21年上半年的銷售額和稅前息前利潤將按年分別增長12%和24%,前提是整體銷售量按年增長6%、次高端及以上啤酒銷量將按年增長30%以上,平均售價按年增長6%等。

該行指,潤啤今年上半年的投入成本壓力可控,然而,由於鋁和紙的成本不斷增加,預計潤啤正考慮在下半年加價。長期來看,潤啤為了在未來5年內縮小與百威的差距,每年將平均加價2個百分點。

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