大行评级｜美银：下调华润饮料评级至“中性” 目标价下调至13.3港元

格隆汇2025-07-29

美银证券发表报告，将华润饮料评级由“买入”下调至“中性”，因考虑到销售增长前景疲弱及盈利能见度较低；2025和2026年每股盈利预测下调37%和27%，目标价由16.5港元下调19%至13.3港元。该行指，中国的送餐补贴竞争带动中低价现调饮料的销售，对华润饮料的水及饮料产品构成新挑战。该行仍然认为公司的三步利润扩张路线图，即通过专注于内部生产优化生产、物流升级和高质量销售与分销开支对长期利润预期...

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