智通财经APP获悉，中银国际发布研究报告称，首予华润饮料(02460)“买入”评级，目标价18.22港元。公司是国内软饮料行业的领军企业之一，百亿大单品怡宝进一步全国化扩张可期。公司核心内驱力包括品牌影响力突出，产品矩阵相对完善，分销渠道掌控力强，产能优化与扩张步伐加速，以及管理层能力及定力不俗。
报告指，公司投资逻辑主要有二，包括利润率扩张，预计2024和2025年毛利率分别同比上升2.5和0.8 个百分点，饮料业务爆发力强，收入占比预计由2023年的8%翻倍提升至2026年的16%。投资人担心中国瓶装水市场价格战可能升级，未来竞争格局不够清晰，或令公司的价盘和盈利能力承压。该行认为，过度悲观情绪已反映在股价上。
中银国际预计，华润饮料2024至2026年收入同比增6.9%/11.4%/11%至144.5亿/161亿/178.7亿元人民币，净利同比增25.5%/27.7%/17.5%至16.7/21.3/25亿元人民币。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.