CITIC Securities: Maintain China Resources Beer (00291) “Buy” rating target price raised to 88 Hong Kong dollars

　　CITIC Securitiesreleaseresearch reportScale upChina Resources Beer(00291) The target price is HK$88, and the “Buy” rating is maintained.The company expects half a yearNet profitA year-on-year increase of more than 100%. The bank expects to benefit from the recovery of the epidemic in the first half of the year. The sales volume will increase at a single-digit level. Among them, the sub-high-end and above products will achieve a growth of more than 40%.interest rateThere will be a slight increase, and the core operating net profit is expected to achieve a 35% growth.

According to the report, the company started with domestic + foreign brands and continued to promote the increase in the proportion of sub-high-end and above products such as SuperX, Heineken and Snow Pure Health. China Resources has five important base markets in Sichuan, Anhui, Liaoning, Guizhou, and Tianjin. At the same time, it has a high market share in East China, Hubei and other markets along the Yangtze River, and has the most stable market among the industry leaders in comprehensive comparison. Simultaneously,China Resources BeerAt high costs, it is not ruled out that it will follow the industry’s price hikes and further adjust prices. It is expected that the company’s profit will maintain a compound growth rate of more than 30% from 2021-23, and will continue to maintain a medium-to-high single-digit growth.

(Source: Zhitong Finance Network)

Article source: Zhitong Finance Network

Editor in charge: DF506

Original title: CITIC Securities: Maintain China Resources Beer (00291) “Buy” rating target price raised to 88 Hong Kong dollars