《大行》招商证券：润啤(00291.HK)股价已消化上半年业绩下调目标价至37元

阿斯达克财经07-19

招商证券发表报告指，预期润啤(00291.HK) 上半年业绩平淡，但利润率仍因效率而增长，并认为旺季潜在的良好补货势头证明“增持”评级合理，认为股价已消化上半年业绩。公司7月初出现需求复苏迹象；趋势有待确认。

招商证券将润啤全年营收增长预期从12.6%下调至4.9%，以反映上半年的平淡表现，下半年预计将实现10%的增长。将全年毛利率预测提高0.8个百分点，以反映产品组合升级和成本节约带来的正面影响，即使上半年生产去杠杆化有所拖累。将全年的营运费用比率下调0.5个百分点，以反映管理层实施的成本举措。覆盖范围转移后，以预测明年中期企业价值对EBITDA约11.5倍为估值基础，目标价从45.4元调整至37元，盈测并被下调11%。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2024-07-18 16:25。)

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《大行》招商证券：润啤(00291.HK)股价已消化上半年业绩 下调目标价至37元

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《大行》招商证券：润啤(00291.HK)股价已消化上半年业绩下调目标价至37元