交银国际发表报告指，润啤(00291.HK) 短期内业绩面临压力，啤酒市场在今年首三季整体表现较弱。餐饮渠道是啤酒销售的重要渠道(约占4成以上)，但是今年以来餐饮市场总体表现较为疲软。根据《中国餐饮品牌力白皮书2024》，首八个月，全国餐饮相关企业注册量较去年同期减少44.4万家，餐饮相关企业注销、吊销的数量超过160万家(超过2023年全年的9成)。除此之外，啤酒消费环境承压以及天气多变也对啤酒市场造成负面影响。
报告指，中国啤酒行业整体的高端化进程有所放缓。但是反观华润啤酒的业绩表现，上半年公司中档及以上啤酒销量占比首次超过50%，次高档及以上产品销量实现个位数增长，高端及以上的销量则实现双位数的亮眼增长，喜力、老雪和红爵等产品销量按年增速超20%。虽然上半年公司啤酒业务销量下滑3.4%，但高端产品组合的优异表现引领了均价的提升，使得公司整体收入表现较为稳定。
该行指，因短期行业压力，下调财务预测和目标价，但仍看好公司长期可持续发展。最新目标价37.29 港元，评级维持“买入”。(ha/a)(港股报价延迟最少十五分钟。沽空资料截至 2024-11-28 16:25。)
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