华润啤酒:结构升级趋势不改 2H24基本面延续平稳基调

中金公司
15 Jan

预测公司盈利2024 年同比低单位数下降我们预计公司2024 年收入和利润有低单位数同比下滑,2H24 啤酒业务同比小幅下滑,其中销量同比有低单位数下滑,价格同比实现低单位数增长,整体费用率基本维持平稳,同时因基期有较多政府补助影响,2H24 利润率或较2H23 下滑。关注要点啤酒主业的结构升级趋势不改,次高端及以上产品仍实现稳健增长,对冲外部环境压力,带动2H24 基本面延续平稳基调。尽管...

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