金吾财讯 | 中信证券表示,预计2025年啤酒原材料价格波动幅度小于2024年,部分原材料价格仍有下行空间如大麦和玻璃等,但铝价近期呈现上涨趋势,或将抵消大麦等原材料价格下行所带来的成本下降空间,整体来看,该行预计2025年啤酒成本整体稳定,有望小幅提升酒企的盈利水平,看好酒企在消费政策端的持续刺激、餐饮场景的恢复下实现2025年的业绩企稳增长。
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