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基金經理觀點
> 正文
華潤啤酒增長強勁,予目標價47元
4/26/2024 11:10:26 AM
華潤啤酒(00291.HK)重點生產啤酒和食品飲料,因其國內暢銷的雪花啤酒品牌而聞名,集團亦為全球知名啤酒公司Heineken的股東。公司在國內營運的啤酒廠近75家,東部銷售額佔50%,中南部各佔25%。
華潤在大眾市場中佔據領先地位,並通過高端啤酒銷售推動增長,使公司長期收入和盈利增長前景保持強勁。公司通過控制成本、優化產品組合、提升售價、實現規模經濟等措施,有望在中期內提高盈利能力。在啤酒板塊市場上,公司維持雙位數增長,平均售價增長率為3-5%。隨進口大麥價格下降,毛利率應有改善。而在白酒板塊中,經過2023年去庫存和2024年首兩個月強勁的銷售情緒後,公司推出更多產品,對來年盈利抱持積極態度。
儘管市場已充分反映白酒行業去庫存的壓力,但忽略了華潤強勁的高端啤酒增長和金沙整合後盈利上升的趨勢。以分類加總估值模型預測目標價為47港元,建議短期投資者可趁低吸納。
黃偉棠
時富時富金融研究部
於香港和美國金融服務業擁有超過20年豐富經驗,擅長於投資、基金管理、資產管理、股票研究等多個範疇。持有美國加州柏克萊大學和香港大學多個碩士及學士學位、亦為註冊會計師 (CPA)、特許金融分析師(CFA),以及大學高級講師。
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