金吾财讯 | 华润啤酒(00291)早盘上行，突破20天线，截止发稿，涨2.78%，报24港元，成交额2754.8万港元。华兴证券此前研报指出，预计2025年即饮渠道消费活动将会复苏，并推动啤酒行业的产品结构改善。该行同时预期中国2025年的消费者物价指数（CPI）将较2024年有所上升。因此，该行预测华润啤酒2025年的单价增长将由2024年的2.0%加速至2.2%。另外，该行预期华润啤酒的啤酒销量增长有望在2025年转正，从2024年同比下降3.2%反弹至同比增长0.7%，主要受益于即饮渠道消费的恢复。该行表示，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。该行重申“买入”评级并下调目标价至28.60港元。
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