华泰金融(HK)：给予华润啤酒(00291.HK)“买入”评级目标价33.20港元

2024-08-21 16:02:01 来源：同花顺金融研究中心

　　华泰金融(HK)8月20日发布公告。CR Beer’s 1H24 revenue/attributable NP were RMB23.74/4.71bn (-0.5/+1.2% yoy). In 1H24, the high base in 1H23/tepid catering recovery/rainy weather weighed on beer sales volume, while structural upgrading sustained, with sales volume of sub-premium and above/premium and above products up by single-digit/above 10% yoy. In terms of profit, for 1H24, marketing expenses related to sporting events picked up (1H24 sales expense ratio +1.2pp yoy), while structural upgrades pushed up the beer business GPM/EBITDA 0.6/1.1pp yoy. We estimate 2024/2025/2026 EPS at RMB1.69/1.84/2.00, and value the stock at 18x 2024E PE, at par with its peers’average on Wind consensus. Our target price is HKD33.20. BUY.

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华泰金融(HK)：给予华润啤酒(00291.HK)“买入”评级 目标价33.20港元

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华泰金融(HK)：给予华润啤酒(00291.HK)“买入”评级目标价33.20港元