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跟岳弄进去,的市场趋势分析
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跟岳弄进去,的市场趋势分析

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热点栏目自选股数据中心行情中心资金流向模拟交易客户端

  海通国际发布研报称,2025年更可能成为百威亚太(01876)的战略调整期而非收获期,短期业绩或因改革阵痛与外部冲击承压,若能在渠道转型、费用管控等核心问题上改进,有望扭转中国市场份额长期下滑的趋势,为中长期复苏奠定基础。该行预计公司2025-2027年EPS分别为0.05/0.05/0.06美元(原2025-26预测为0.07/0.08美元),给予2025年19x

  PE(此前为2024年19x),目标价由10.1港元下调至7.9港元,维持中性评级。

  海通国际主要观点如下:

  中国市场承压,份额下滑趋势待破

  2024年公司在中国市场全年销量同比下滑11.8%,吨价下跌1.4%,市场份额较上一年度收缩149个基点。2018-2024年,公司中国区销量CAGR为-2.6%,同期国家统计局披露的规模以上企业啤酒产量CAGR为-1.3%,反映出公司在中国啤酒市场份额的下滑态势。尽管管理层明确了今年提升市场份额的目标,并采取了优化库存管理、拓展家庭渠道、推出创新产品等一系列措施,但该行认为趋势逆转颇具挑战。吨价方面,鉴于公司逐步将中国市场的销售重心从超高端领域向核心+领域转移,短期ASP可能受到一定影响,长期来看有助于公司在更广泛的市场领域实现稳定增长。

  韩国市场提价应对成本上涨,印度数字化转型提升效率

  24年亚太东区强劲增长,销量/ASP同比+3.6%/+8.7%,韩国市场份额扩张349个基点,达到十年来最高水平。今年4月起公司将韩国啤酒出厂价提升2.9%,以应对进口原材料成本上涨压力,其他国际啤酒厂商如喜力、朝日等也进行了提价。韩国高端啤酒与普通啤酒之间的价差相比其他发达国家较小,通过持续提价,公司致力于进一步提升韩国市场的盈利能力。2024年印度市场高端及超高端产品组合净收入同比增长近20%,过去五年间百威品牌在印度的市场份额翻了一番,使其成为百威全球前四大市场之一。目前印度盈利能力仍低于其他地区,通过近期完成的平台整合及数字化转型计划,公司致力于改善生产效率,提升EBITDA利润率。

  面对领导层更迭和贸易环境动荡双重挑战,25年仍处战略调整期

  随着新CEO及中国区销售负责人履新,百威亚太的组织架构与渠道策略正处于深度调整与磨合期,三大核心挑战亟待破局:一是渠道转型压力。夜场渠道增长乏力,餐饮和家庭渠道拓展尚需时间。二是管理效能提升。随着行业不断发展,传统分销体系与新兴渠道的融合成为趋势,终端数据反馈的及时性对运营灵活性和市场应变能力愈发关键。三是外部环境风险。作为跨国企业,公司面临国际贸易波动风险,供应链稳定性、汇率波动和消费者偏好变化可能对利润产生影响。不过,公司已对全年成本进行了大部分套期保值操作,且新CEO拥有丰富的供应链运营经验,成本上行风险总体可控。

  风险提示:消费者偏好变化,市场竞争加剧,改革措施不力

  据国际文传电讯社报道,俄罗斯经济部一位官员预计,2025年布伦特原油均价将达到68美元/桶。经济部更新宏观经济预测;此前在2024年9月的估计为每桶81.7美元。俄罗斯经济部将2026年布伦特原油价格预测从77美元/桶下调至72美元/桶;将2027年预测从74.5美元/桶降至72美元/桶。该部门预计2025年乌拉尔原油价格为56美元/桶,2026年乌拉尔原油价格为61美元/桶。

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