华兴证券发表报告指，宏观环境令啤酒和白酒业务承压，预期华润啤酒(00291.HK) 2024年或经历自2020年以来的首次按年收入下降，主要是因为国内宏观经济影响下酒精饮料需求疲弱。按业务细分，预测公司啤酒收入在2024年按年下滑1.2%，而白酒收入按年增长3.2%。受啤酒原材料成本下降和持续控制销售及市场营销费用等细微利好提振，我们预测华润啤酒的调整后净利润在2024年将按年增长7%。
华兴证券重申华润啤酒“买入”评级；目标价由31.3元降至28.6元。考虑到华润啤酒白酒业务因行业供应过剩而发展慢于预期，下调2024年至2026年的盈利预测。(ha/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-24 12:25。)
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