研报掘金丨东吴证券：维持燕京啤酒“买入”评级，U8势能延续

格隆汇07-08

东吴证券研报指出，燕京啤酒26H1归母净利润13.79-14.89亿元，同比+25%至+35%，其中26Q2归母净利润11.14-12.24亿元，同比+19%至+31%。U8势能延续，业绩略超预期。短期虽消费β承压，但燕啤大单品U8高增持续兑现、α成长性依旧突出；中期维度燕啤亦属于攻守兼备的优质标的，升级韧性、多元化是抓手。考虑量价和成本节奏，更新2026-2028年归母净利润预测为21.07、...

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