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　　建银国际发布研报称，虽然青岛啤酒股份（00168）2024年业绩逊于预期，但该行预计，集团在2025年的销量增长将实现转正。又因其稳健的自由现金流及致力为股东带来价值回报，该行相信，青岛啤酒派息率仍有上升空间。故上调H股目标价11.8%，由49.2港元升至55港元，维持“中性”评级。

　　报告表示，在销量增长0.2%及平均售价提升2.3%下，该行预测集团青岛啤酒2025年收入将增长2.4%。优质啤酒销量亦增长，包括纯生啤酒及白啤将持续领先整体销量。同时，该行认为，有利的大麦价格及产品组合升级，应足以支持青岛啤酒毛利率在2025年，同比扩张0.6个百分点至40.8%。该行相信青岛啤酒将采取审慎的销售及行政支出方法，优先提高效率和削减成本，使EBIT利润率在年内增长0.9个百分点至14.9%。

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