金吾财讯 | 交银国际研报指，华润啤酒(00291)2024全年收入同比持平。毛利率提升1.2个百分点至42.6%。股东应占溢利同比降8.7%。2024 全年派息率达52%。高端化业务持续发展，带动毛利率显着提升。该行指，啤酒和白酒业务表现优于行业。啤酒业务方面，在行业整体高端化进程有所放缓下，公司的高端啤酒系列（售价10元及以上）销量同比增长超9%。尽管啤酒业务销量下滑2.5%，但高端产品组合的优异表现引领了均价的提升，推动毛利率提升（上升0.9个百分点至41.1%）的同时，使得公司整体收入表现较为稳定。白酒业务全年营收同比上升4.0%至21.49亿元（同比提升4%），毛利率上升5.6个百分点至68.5%。展望未来，公司将2025年销售目标从持平上调至低个位数增长，并预期利润增速将快于营收增速。该行指，2025年1-2月销量呈低个位数增长，总体营收呈正增长，且利润端明显优于收入端，整体表现超公司预期。指引上调彰显公司信心，同时国务院印发之《提振消费专项行动方案》有望给予消费行业正面支持。最新目标价34.47港元基于19倍2025年市盈率，维持买入评级。
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