《大行報告》麥格理升潤啤(00291.HK)目標價至33元 樂觀因素已反映
麥格理髮表研究報告指,華潤啤酒(00291.HK)去年下半年啤酒產品銷售額按年下跌2%,產品均價升幅亦由上半年的4.4%,放緩至下半年的2.8%。當中高端品牌啤酒產品銷量按年增長10%,高端品牌產品佔比亦較上半年提升1.1個百分點至23.1%。
全年計,白酒產品銷售額達到20億元人民幣,公司致力於去庫存及品牌改造,去年度庫存下降8億元人民幣,而今年首兩個月白酒銷售額錄得約50%增長。麥格理估計,潤啤未來兩三年將投入約18億元人民幣來擴大白酒產能,從而實現80億至100億元人民幣的銷售目標。
考慮到白酒業務發展及經營效率改善,該行將2024及2025年淨利潤預測上調20.7%及10.9%,目標價由28.6元提升15.4%至33元,但預期相關利好因素已反映在股價表現上,維持「中性」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 this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.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.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.