智通财经APP获悉，麦格理发布研报称，给予华润啤酒(00291)“跑赢大市”评级，目标价由30.2港元上调至46.7港元，将润啤2025及2026财年纯利预测，分别上调10.3%及8.8%，以反映啤酒销售复苏、高端化及经营杠杆效应。
麦格理指出，华润啤酒2024财年下半年啤酒销售额同比下降0.4%;销量同比下降1.2%(相对行业同比下降1.5%);平均售价同比上升0.8%。若全个财年计，高端啤酒销量同比增长超过9%，其中喜力增长20%。至于2025财年首两个月，润啤的啤酒销量实现单位数增长，尽管基数较高，喜力仍实现双位数增长。润啤有信心今年啤酒利润将因较低的基数而恢复。另外，上财年派息比率达52%，低于2023年的58.9%(计及特别息)，以往正常派息为40%，润啤亦计划将派息比率提升至不少于60%。
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