招商证券：予华润啤酒(00291)“增持”评级 目标价降至37港元
招商证券发布报告称，预期华润啤酒(00291)上半年业绩平淡，但利润率仍因效率而增长，并认为旺季潜在的良好补货势头证明“增持”评级合理，认为股价已消化上半年业绩。公司7月初出现需求复苏迹象;趋势有待确认，目标价从45.4港元调整至37港元，并把盈测下调11%。
招商证券表示，将润啤全年营收增长预期从12.6%下调至4.9%，以反映上半年的平淡表现，下半年预计将实现10%的增长。将全年毛利率预测提高0.8个百分点，以反映产品组合升级和成本节约带来的正面影响，即使上半年生产去杠杆化有所拖累。将全年的营运费用比率下调0.5个百分点，以反映管理层实施的成本举措。
Reprinted from 引领外汇网，the copyright all reserved by the original author.
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