高盛：喜力啤酒业绩预示巴西市场竞争激烈 Ambev(ABEV.US)股价或跌超18%

智通财经2025-04-17

智通财经APP获悉，高盛发布研报称，喜力啤酒于4月16日公布了其2025财年第一季度业绩。数据显示，该公司在巴西市场的销量和销售额同比均出现了中个位数的下降，原因是去年的高基数影响。不过，该公司管理层估计，从“售出”角度来看，其在该市场实现了份额增长。管理层特别指出主流产品线表现强劲，其中Amstel品牌销量同比小幅增长。尽管喜力啤酒在巴西的销量表现大致符合市场预期，但高盛认为，其定价同比持平的...

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href=http://www.zhitongcaijing.com/content/detail/1279998.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，高盛发布研报称，喜力啤酒于4月16日公布了其2025财年第一季度业绩。数据显示，该公司在巴西市场的销量和销售额同比均出现了中个位数的下降，原因是去年的高基数影响。不过，该公司管理层估计，从“售出”角度来看，其在该市场实现了份额增长。管理层特别指出主流产品线表现强劲，其中Amstel品牌销量同比小幅增长。尽管喜力啤酒在巴西的销量表现大致符合市场预期，但高盛认为，其定价同比持平的...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1279998.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2471134523.USD","symbol_name":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) 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18%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ABEV":1},"content_text":"智通财经APP获悉，高盛发布研报称，喜力啤酒于4月16日公布了其2025财年第一季度业绩。数据显示，该公司在巴西市场的销量和销售额同比均出现了中个位数的下降，原因是去年的高基数影响。不过，该公司管理层估计，从“售出”角度来看，其在该市场实现了份额增长。管理层特别指出主流产品线表现强劲，其中Amstel品牌销量同比小幅增长。尽管喜力啤酒在巴西的销量表现大致符合市场预期，但高盛认为，其定价同比持平的结果是一个负面惊喜，这再次强化了该行对于竞争环境更加激烈、部分消费者转向低价品牌的看法。因此，出于对竞争环境将更加激烈的预期，高盛重申对巴西啤酒巨头Ambev(ABEV.US)的“卖出”评级，目标价为1.90美元，较4月16日收盘价2.33美元有超过18%的下跌空间。该行表示，尽管其认为喜力啤酒的业绩不会改变市场对Ambev在巴西销量表现的预期，但在定价方面存在一定下行风险。Ambev计划于5月8日公布财报。资料显示，Ambev是拉丁美洲和加勒比地区最大的啤酒酿造商，也是百威英博在该地区的子公司。该公司在巴西和其他拉丁美洲国家生产、分销和销售啤酒和百事公司产品，并拥有阿根廷最大的啤酒酿造商Quinsa。不过，高盛补充称，Ambev股价面临的主要上行风险包括：更高的股息分红率;Ambev旗下Skol品牌在巴西市场比预期更快、更强劲的复苏;汇率走强以及成本下降;在巴西市场维持市场份额、实现销量增长和实际价格提升;阿根廷宏观经济状况的改善;巴西部分税收优惠政策的延续。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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