According to the financial news app Zhitong Finance, J.P. Morgan International released a research report stating that it raised the target price for China Resources Beer (00291) from HK$34.9 to HK$38.1, maintaining an 'outperform' rating. However, the bank lowered the company's revenue growth forecast for the second half of this year by 1 percentage point to 3%, with beer sales forecast revised from a 1% decline to a 2% decline.

The bank believes that the company's high-end or above products will continue to outperform, benefiting from Heineken beer's double-digit sales growth, as well as new cooperation with supermarkets. In terms of baijiu, high-end products are expected to achieve double-digit growth in the third quarter, based on current channel inventory levels of 3 to 4 months, brand upgrades, and a low base. The bank maintains a forecast of a 33% year-on-year increase in baijiu sales in the second half of the year. Additionally, a favorable cost environment, positive beer product mix, reduced discounts, and baijiu upgrades support the bank's forecast of China Resources Beer's gross margin expanding by 2.3 percentage points to 36.3% in the second half of the year.