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 Resources Brewery (00291) fell nearly 5%. As of press release, it fell 4.94% to HK$29.85, with a turnover of HK$0.323 billion.
The Zhitong Finance App learned that China Resources Beer (00291) fell nearly 5%. As of press release, it fell 4.94% to HK$29.85, with a turnover of HK$0.323 billion.
According to the news, CCB International pointed out that China Resources Brewery's sales for the second half of this year are expected to be weaker than expected. The bank lowered 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 liquor was lowered from a flat rate of 32.8% to a decrease of 0.9% and an increase of 8.1%. As consumption was suppressed and demand for sports activities fell short of expectations, the bank's average beer sales and product price forecast for the second half of the year was adjusted from a decrease of 2.2% and an increase of 2.4% to a decrease of 2.9% and an increase of 2.1%. China Resources Brewery's profit forecast for the 2024 and 2025 fiscal years was lowered by 3% and 11% to reflect that the third quarter's performance fell short of expectations, and the bank's more conservative sales outlook, and lowered its target price from HK$38.1 to HK$35.9.
Haitong International said that China Resources Brewery ranked first in the country in terms of beer sales, revenue, and profit last year. Although industry demand continued to be under pressure in the second and third quarters of this year, the company's volume and price resilience and high-end pace were superior to the industry average. The fourth quarter base was low. The National Day holiday dining data sent a signal that fresh drinking channels were stabilizing, and declining costs also brought certainty to performance. In terms of liquor, the company has completed the first phase of “exploration” and entered the second stage of “development”. It is expected that the next two years will usher in rapid growth. The bank lowered the company's target price from HK$56 to HK$48, maintaining the “better than the market” rating.