研报掘金丨万联证券：维持珠江啤酒“增持”评级，高档啤酒销量增速亮眼，盈利能力稳步提升

格隆汇2025-09-11

万联证券研报指出，珠江啤酒上半年归母净利润6.12亿元（YoY+22.51%），其中2025Q2实现归母净利润4.55亿元（YoY+20.17%）。毛利率、净利率均稳步提升，管理费用率略有增加，销售费用率、财务费用率、研发费用率均略有下滑。高档啤酒销量增速亮眼，盈利能力稳步提升。华南地区为公司主要辐射地，2025年上半年经销商净增加39家，其中广东地区增加8家。当前公司高端化持续进行，有望通过释放...

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