华润啤酒营收近5年来首降 2券商降其目标价2券商升

Core Viewpoint - China Resources Beer (00291.HK) reported a decline in revenue for the first time in five years, with total revenue for 2024 at 38.635 billion yuan, down from 38.932 billion yuan in the previous year [1] Financial Performance - For the fiscal year 2024, the total revenue was 38.635 billion yuan, compared to 38.932 billion yuan in 2023, marking a decrease [1] - The total comprehensive income for the year was 4.767 billion yuan, down from 5.223 billion yuan year-on-year [1] - From 2020 to 2024, the total revenue figures were 31.45 billion yuan, 33.39 billion yuan, 35.26 billion yuan, 38.93 billion yuan, and 38.64 billion yuan respectively, indicating a downward trend in 2024 [1] - The net profit attributable to shareholders for the years 2020 to 2024 was 2.094 billion yuan, 4.587 billion yuan, 4.344 billion yuan, 5.153 billion yuan, and 4.739 billion yuan respectively [1] Analyst Ratings and Forecasts - JPMorgan maintained an "Overweight" rating for China Resources Beer, lowering the target price from 45 HKD to 40 HKD, citing a recovery in consumer sentiment and sales momentum in the first two months of the year [1] - The bank forecasts a sales growth of 4.1% and profit growth of 15.2% for the current year, driven by product premiumization and cost optimization [1] - The company is considering increasing its dividend payout ratio to 60% due to strong cash flow [1] - Huatai Securities rated the stock as "Buy," with a target price reduced to 37.41 HKD [2] - Zhongyin International also rated the stock as "Buy," increasing the target price to 31.10 HKD [3] - Puyin International rated the stock as "Buy," raising the target price to 34.30 HKD [4]