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里昂:维持青岛啤酒股份(00168)“买入”评级 目标价升至73港元

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里昂发布报告称,维持青岛啤酒股份(00168)“买入”评级,目标价由72港元升至73港元,以反映今年以来毛利率扩张好过预期。

报告中称,公司第三季度总收入同比下降4.6%,倘撇除标志着疫情开始和结束2020年第一季和2022年第四季,属五年来最大跌幅。但是青啤实现8%的销售均价同比增长,速度超过其他任何季度,即使是在2019至2022年上行周期中,但代价是销量同比大幅下降11%。该行预计后续公司将把重点转向销量增长而非产品升级,并提高成本效率。

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