海通国际表示，华润啤酒去年啤酒销量、收入、利润已位列国内第一。虽然今年第二、三季行业需求持续承压，但公司的量价韧性和高端化节奏均优于行业平均水平。第四季基数较低，国庆假期餐饮数据释放现饮渠道企稳信号，成本下行也为业绩带来确定性。白酒方面，公司已完成第一阶段“探索”，进入第二阶段“发展”，预计未来两年将迎来快速增长。该行将公司目标价由56港元下调至48港元，维持“优于大市”评级。China Res Beer (00291) fell by nearly 5%, as of the time of publication, it dropped by 4.94%, closing at 29.85 Hong Kong dollars, with a turnover of 0.323 billion Hong Kong dollars.
According to the Wisdom Financial APP, China Res Beer (00291) fell by nearly 5%, as of the time of publication, it dropped by 4.94%, closing at 29.85 Hong Kong dollars, with a turnover of 0.323 billion Hong Kong dollars.
On the news front, CCB International pointed out that it is expected that China Res Beer's sales in the second half of this year will be weaker than expected. The bank has revised its sales growth forecast for the second half of the year from 2.5% to 0.2%, and its revenue growth forecast for beer and baijiu from flat and 32.8% growth to a decrease of 0.9% and an increase of 8.1%. Due to suppressed consumption and sports demand lower than expected, the bank's forecast for China Res Beer's beer sales volume and average price in the second half of the year has been revised from a decrease of 2.2% and an increase of 2.4% to a decrease of 2.9% and an increase of 2.1%. The earnings forecasts for China Res Beer for the 2024 and 2025 fiscal years have been lowered by 3% and 11% to reflect the third-quarter performance below expectations, and the bank's sales outlook is more conservative, with its target price being lowered from 38.1 Hong Kong dollars to 35.9 Hong Kong dollars.
Haitong Int'l stated that China Res Beer's beer sales, revenue, and profit ranked first in the country last year. Although industry demand continued to be under pressure in the second and third quarters of this year, the company's resilience in terms of volume and price and the pace of high-end transformation are superior to the industry average. The low base effect in the fourth quarter, the release of catering data during the National Day holiday indicating a stabilization signal in the consumption channel, and cost reduction also bring certainty to performance. In terms of baijiu, the company has completed the first phase of 'exploration' and entered the second phase of 'development', expecting rapid growth in the next two years. The bank has lowered the company's target price from 56 Hong Kong dollars to 48 Hong Kong dollars, maintaining an 'outperform' rating.
