---
title: "《大行》中金降華潤飲料目標價至 12 元 維持「跑贏行業」評級"
description: "中金髮布報告稱，華潤飲料上半年業績符合預期，收入 62.06 億元人民幣，同比下降 18.5%，淨利潤 8.05 億元，同比下降 28.6%。預計下半年公司將通過豐富產品和深化渠道改革改善經營狀況，7 至 8 月銷量有望增長。由於行業競爭加劇，下調 2025/2026 年盈利預測 18%/2%，目標價下調 29% 至 12 港元，維持「跑贏行業」評級。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/255711763.md"
published_at: "2025-09-03T03:57:13.000Z"
---

# 《大行》中金降華潤飲料目標價至 12 元 維持「跑贏行業」評級

> 中金髮布報告稱，華潤飲料上半年業績符合預期，收入 62.06 億元人民幣，同比下降 18.5%，淨利潤 8.05 億元，同比下降 28.6%。預計下半年公司將通過豐富產品和深化渠道改革改善經營狀況，7 至 8 月銷量有望增長。由於行業競爭加劇，下調 2025/2026 年盈利預測 18%/2%，目標價下調 29% 至 12 港元，維持「跑贏行業」評級。

中金髮表報告指，華潤飲料 (02460.HK) 上半年業績符合該行預期。收入 62.06 億元人民幣 (下同)，按年下跌 18.5%，淨利潤 8.05 億元、按年跌 28.6%。業績符合此前預告。

該行預計，下半年公司豐富產品矩陣、深化渠道變革的調整有望延續，認為短期調整是為長期發展蓄力。該行預計進入飲料旺季後公司經營狀況有所改善，7 至 8 月包裝水及飲料銷量或均實現按年增長。利潤端，考慮渠道競爭持續激烈，預計下半年公司或將保持渠道及終端費用的高投入，以穩固市場份額。

考慮行業競爭加劇，該行下調華潤飲料 2025/2026 年盈利預測 18%/2% 至 10.9/15.3 億元，公司當前交易在 22.5/15.8 倍 2025/2026 年預測市盈率；下調目標價 29% 至 12 港元，對應 24.2/16.9 倍 2025/2026 年預測市盈率，維持「跑贏行業」評級。

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