金吾财讯 | 交银国际表示，餐饮渠道是啤酒销售的重要渠道（4成以上），但是今年以来餐饮市场总体表现较为疲软。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。华润啤酒(00291)表现优于行业，高端化进程仍在持续。管理层表示，公司将继续推进高端化、差异化和地区性产品。同时，公司将在新品研发、消费渠道和消费场景拓展、营销模式等方面进行创新。因短期行业压力，该行下调财务预测和目标价，但仍看好公司长期可持续发展。目标价由43.9港元下调至37.29港元，基于19倍（过去三年平均市盈率下调1个标准差）2025年市盈率（前为22.2倍2024-25年平均市盈率）。
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