智通财经APP获悉，华润饮料(02460)涨超4%，截至发稿，涨3.95%，报12.62港元，成交额4650.15万港元。
瑞银发布研报指出，华润饮料自2022年以来加速自有产能扩张，预计到2026年自有产能将占总产量的65%，高于2023年的33%。此外，华润饮料的总销售点覆盖率约为农夫山泉的一半，但其零售价值仅低25%，表明公司在渠道扩张方面具有潜力。该行认为，华润饮料在包装水领域的领导地位，这一即饮料零售销售价值最大的品类，将有助于公司在品类扩展上取得进展，特别是在消费者对健康饮品需求上升的背景下，预计其中草药茶品牌“至本清润”将成为2024-2026年的主要收入增长贡献者。
中金认为，公司未来计划通过渠道拓展、产能扩张与供应链效率提升、积极推出新品以及加强品牌建设和多元营销触达等方式助力公司内生业绩持续成长；同时对比同行，公司的毛利率和费用率均有优化改善空间，预计公司未来有望通过提升自有产能比重、供应链优化、规模效应等提高利润率。
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