投资建议我们下调百事评级至中性。基于:1)自4Q23 以来,百事北美业务的收入表现持续疲软,我们目前暂未观察到拐点。2)公司2025 年盈利指引平淡,指引2025 年收入和货币中性EPS 增速低于长期目标。理由如下:公司4Q24 收入继续低于市场预期:公司4Q24 录得收入277.8 亿美元,同比-0.2%;其中内生收入同比+2%,外汇影响收入的幅度为-2%;核心EPS 为1.96 美元,同比+...
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