华兴证券：重申华润啤酒(00291)“买入”评级 目标价降至39.5港元
华兴证券发布报告称，重申华润啤酒(00291)“买入”评级，认为其白酒业务经营利润率有望在未来数年出现结构性改善。随着今年白酒收入恢复健康增长，业务应实现良好的经营杠杆。预期2024至2026年的白酒业务经营利润率将增至11%、18%、23%，目标价由42港元下调至39.5港元。
报告中称，华润啤酒去年业绩表现稳健，收入同比增长4.5%，公司对今年啤酒业务前景保持乐观。管理层指，虽然消费扶苏缓慢，但今年首两个月公司啤酒业务的销售仍保持正增长。该行指，集团受惠于持续的产品升级和原料成本下行趋势，预计其啤酒业务毛利率将同比进一步提升2.1个百分点至43.5%。虽然该行预期公司将加大销售和行销投入，以继续推动中高端产品销售双位数增长，但相信毛利率扩张将抵销经营费用增加，预计啤酒业务的经营利润率将由2023年的18.7%增加到2024年的19.9%。
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