交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 7.37 港元 9.39↓ +27.3% 消费 2024 年 11 月 28 日 百威亚太 (1876 HK) 短期业绩受中国区业务压力影响；长期仍具竞争实力 中国区业务承压，下调盈利预测；品牌优势持续扩大以保证中长期竞争力 ，维持买入。因公司中国区业务持续承压，我们下调 2024-26 年的财务预 测，但我们仍认为其高端/超高端产品组合在中国市场的持续铺垫将在消 费力持续恢复的情况下具备反弹的潜力。考虑到公司加大投入和积极推新 的策略使公司在韩国市场的竞争力进一步增强，并且公司近期宣布对韩国 市场之高端/超高端产品进行 8.1%的提价，有利于明年的盈利能力提升， 我们维持对百威亚太的买入评级，基于 19 倍（过去三年平均市盈率下调 1.5 倍标准差）2025 年市盈率（前为 22 倍 2024-25 年平均），下调目标价 至 9.39 港元。 亚太西部业务压力较大。因餐饮和夜场消费承压、行业竞争加剧以及同期 高基数压力影响，公司 2024 年 3 季度中国区销量下滑 14.2%，平均单价下 滑 2.1%，量价均延续承压。因此中国业务收入于 3 季度下滑 ...

Welcome to the 2024 Nine Months Results Announcement Conference Call for Budweiser Brewing Company, AIPAC Ltd. Hosting the call today from Budweiser AIPAC is Mr. Jan Kratz, Chief Executive Officer and Co-Chair of the Board, and Mr. Ignacio Laris, Chief Financial Officer. The results for the nine months ended 30th September 2024 can be found in the press release published earlier today and available on the Hong Kong Stock Exchanges and Budweiser AIPAC Before proceeding, let me remind you that some of the inf ...

2024 年 11 月 3 日 公司研究 Q3 西部地区压力加大，韩国保持亮眼表现 ——百威亚太（1876.HK）2024 三季度业绩点评 要点 事件：百威亚太 24 年前三季度实现营收为 51.04 亿美元，内生同比 -6.1%； EBITDA 为 15.79 亿美元，内生同比-6.2%。其中，24Q3 实现营业收入 17.05 亿 美元，内生同比-9.4%；EBITDA 为 4.79 亿美元，内生同比-16.6%。 24Q3 东部地区销量持续增长，西部地区承压。 拆分量价看，1）量：公司 2024 年前三季度/Q3 实现销量 711.98/246.25 万千 升，同比-8.1%/-11.4%；2）价：2024 年前三季度/Q3 吨酒价同比+2.2%/+2.2%。 受益于，2024 年前三季度毛利率为 51.4%，同比+1.08pcts；EBITDA 利润率 2024 年前三季度同比-0.04pcts。 分地区看，1）亚洲西部：24Q3 收入及 EBITDA 同比-15.1%/-25.9%，销量同比 -13.5%，吨酒价同比-1.9%；其中 24Q3 百威在印度的高端及超高端产品组合收 入实现双位数增长，前 ...

浦银国际研究 浦银国际 公司研究 百威亚太（1876.HK） 公司研究 | 消费行业 百威亚太（1876.HK）：短期缺乏正向催化，但 长期依然受益于中国啤酒行业高端化趋势 业绩短期难有起色，为什么我们仍维持"买入"评级？受中国啤酒行 业消费力减弱的影响，百威亚太 3Q24 整体内生收入同比下降 9.4%（销 量同比大幅下滑 11.4%，平均单价同比小幅上升 2.2%），常态化 EBITDA 同比下降 16.6%。我们预计收入与 EBITDA 下滑的趋势很可能在 4Q24 延续。然而长期来看，我们认为百威亚太具有以下优势：（1）其在高 端与超高端价格带较强的产品与品牌组合优势将在中国消费力恢复 的情况下带来较大的业绩弹性，（2）公司当前估值水平相对较低，性 价比较高，（3）公司专业的管理能力、强大的股东背景（百威英博） 以及更透明的披露使其更易受到海外资金的青睐。因此，我们维持百 威亚太"买入"评级，下调目标价至 9.85 港元。 中国市场：短期销量与渠道结构可能继续承压：在较弱的行业消费情 绪下，中国 3Q24 销量同比大幅下滑 14.2%，下跌幅度大于其他中国啤 酒玩家。这很大程度上归咎于百威亚太较高的现 ...

证 券 研 究 报 告 百威亚太（01876.HK）2024 年三季报点评 推荐（维持） 中国区继续承压，积极调整应对 目标价：10 港元 当前价：8.11 港元 事项： 公司发布 2024 年三季报，24Q1-Q3 公司实现营业总收入/正常化 EBITDA 分 别 51.04/15.79 亿美元，内生同比-6.1%/-6.2%；正常化归母净利润为 7.77 亿美 元，表观-11.6%。单 Q3 看，实现营业总收入/正常化 EBITDA 分别 17.05/4.79 亿美元，内生同比-9.4%/-16.6%；正常化归母净利润为2.25亿美元，表观-25.0%。 利润表观增速慢于内生，主要是人民币升值带来的汇率影响。 评论： 亚太西部：中国销售疲软、费投上行，叠加印度计提 IT 成本，业绩压力较大。 Q3 中国区销量/吨价分别内生同比-14.2%/-2.1%，量价承压延续，主要系餐饮 及夜场消费疲软、行业竞争加剧、同期基数较高所致；印度则延续高增势头， 高端及超高端产品组合收入实现双位数增长；综合来看亚太西部销量/吨价分 别内生同比-13.5%/-1.9%。利润端，原材料成本延续下行，由于印度数字化系 统完成上线 ...

百威亚太(01876.HK)2024年三季报点评 中国区继续承压,积极调整应对 事项: � 公司发布 2024年三季报,24Q1-Q3公司实现营业总收入/正常化 EBITDA 分 别 51.04/15.79 亿美元,内生同比-6.1%/-6.2%;正常化归母净利润为 7.77 亿美 元,表观-11.6%。单 Q3 看,实现营业总收入/正常化 EBITDA 分别 17.05/4.79 亿美元,内生同比-9.4%/-16.6%;正常化归母净利润为2.25亿美元,表观-25.0%。 利润表观增速慢于内生,主要是人民币升值带来的汇率影响。 评论: 亚太西部:中国销售疲软、费投上行,叠加印度计提 IT 成本,业绩压力较大。 � Q3 中国区销量/吨价分别内生同比-14.2%/-2.1%,量价承压延续,主要系餐饮 及夜场消费疲软、行业竞争加剧、同期基数较高所致;印度则延续高增势头, 高端及超高端产品组合收入实现双位数增长;综合来看亚太西部销量/吨价分 别内生同比-13.5%/-1.9%。利润端,原材料成本延续下行,由于印度数字化系 统完成上线、对应计提相关成本,以及中国区旺季开展一系列营销活动、销售 费用率同比上升,24 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1876） 澄清公告 截至 2024 年 9 月 30 日止九個月的 未經審核業績 及 2024 年第三季度財務資料 百威亞太控股有限公司（「本公司」，連同其附屬公司為「本集團」）引述本公司於 2024 年 10 月 31 日刊發的有關本集團截至 2024 年 9 月 30 日止九個月未經審核業績的公告（「公告」）。 由於筆誤，公告第 3 頁「管理層意見」一節所示截至 2024 年 9 月 30 日止九個月的總銷量應為 「71,198」十萬公升（而非「77,198」十萬公升）。公告剩餘四處所述的截至 2024 年 9 月 30 日 止九個月的總銷量均正確且保持不變，且公告第 3 頁圖表中的內生銷量百分比變化以及公告中的 所有其他資料均正確且保持不變。 承董事會命 ...

百威亚太第三季度营收低于预期 财联社10月31日电，百威亚太第三季度净利润2.01亿美元，预估2.705 亿美元；第三季度营收17.1亿美元，预估18.2亿美元；第三季度调整后EBITDA 4.79亿美元，预估5.517 亿美元；9个月营收51.0亿美元；9个月毛利率51.4％。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1876） 截至2024年9月30日止九個月的 未經審核業績 及 2024年第三季度財務資料 百威亞太控股有限公司（「百威亞太」或「本公司」，連同其附屬公司為「本集團」）的董事 會（「董事會」）宣佈本公告隨附本集團截至2024年9月30日止九個月的未經審核業績。 董事會謹此提醒股東及潛在投資者，截至2024年9月30日止九個月的未經審核業績乃根 據本集團內部紀錄及管理賬目所編製，但未經獨立核數師審閱或審核。 股東及潛在投資者買賣本公司證券時不應過份依賴未經審核業績並須謹慎行事。 承董事會命 百威亞太控股有限公司 聯席公司秘書 朱隽清 香港，2024年10月31日 於本公告日期，本公司董事會包括聯席主席兼執行董事楊克先生、聯席主席兼非執行董事鄧明 瀟先生（John ...

Financial Performance - Total sales volume decreased by 6.2% to 4,657.3 million liters in the first half of 2024 compared to the same period in 2023[7] - Revenue declined by 4.3% to $3,399 million in H1 2024, with a gross margin improvement of 127 basis points to 51.5%[7] - Normalized EBITDA decreased by 1.0% to $1,100 million, with EBITDA margin expanding by 109 basis points to 32.4%[7] - Normalized profit attributable to equity holders of Budweiser APAC decreased to $552 million in H1 2024[7] - Normalized EPS decreased to 4.19 cents in H1 2024 from 4.38 cents in H1 2023[7] - Total volume decreased by 6.2% in the first half of 2024, with revenue down by 4.3%, primarily due to high base effects in China and industry slowdown[8][17] - Normalized EBITDA declined by 1.0% in H1 2024, while EBITDA margin expanded by 109 basis points to 32.4%[8] - Net profit attributable to equity holders decreased from $575 million in H1 2023 to $541 million in H1 2024[21] - Normalized EBIT decreased by 3.2% in H1 2024[20] - Revenue for the six months ended June 30, 2024, was $3.399 billion, a decrease of 7.3% compared to $3.666 billion in the same period in 2023[112] - Gross profit for the period was $1.751 billion, down 6.2% from $1.867 billion in 2023[112] - Operating profit before non-underlying items was $776 million, a decrease of 8.7% from $850 million in the previous year[112] - Net profit attributable to equity holders of Budweiser APAC was $541 million, down 5.9% from $575 million in 2023[112] - Basic earnings per share decreased to 4.10 cents from 4.35 cents in the prior year[112] - Total comprehensive income for the period was $179 million, compared to $93 million in 2023[113] - Net profit for the period was $553 million, compared to $590 million in the same period last year[116] - Total revenue for the first half of 2024 was $3.399 billion, a decrease from $3.666 billion in the same period of 2023[140] - Normalized EBITDA for the first half of 2024 was $1.100 billion, down from $1.173 billion in 2023, with a normalized EBITDA margin of 32.4% compared to 32.0% in 2023[140] - Volume sales in the first half of 2024 were 46.573 million hectoliters, a decline from 49.456 million hectoliters in 2023[140] - The company reported a net profit of $553 million for the first half of 2024, compared to $590 million in 2023[140] - Total income tax expense for the six months ended June 30, 2024, was $242 million, compared to $273 million in the same period in 2023, with an effective tax rate of 31.0% in 2024 and 32.2% in 2023[144] - Basic earnings per share decreased from 4.35 cents to 4.10 cents, while diluted earnings per share decreased from 4.33 cents to 4.07 cents[174] - Normalized basic earnings per share decreased slightly from 4.38 cents to 4.19 cents, and normalized diluted earnings per share decreased from 4.36 cents to 4.16 cents[175] Regional Performance - In China, Budweiser 0.0 was launched nationwide, and the "SPORTS, NOW IS OUR PARTY" summer campaign drove growth[4] - In South Korea, market share growth and cost efficiency measures led to double-digit revenue and profit growth[4] - In India, the premium and super-premium portfolio achieved double-digit growth, accounting for over two-thirds of revenue[4] - China's volume decreased by 8.5% in H1 2024 due to high base effects, industry slowdown, and adverse weather, but EBITDA margin returned to pre-pandemic levels[9][12] - South Korea outperformed the industry with double-digit revenue and profit growth, driven by market share gains and cost efficiency measures[9][16] - India's premium and super-premium portfolio achieved double-digit growth, contributing over two-thirds of revenue[9][14] - APAC East region saw a 43.1% increase in normalized EBITDA in H1 2024, with EBITDA margin expanding by 633 basis points[15] - The Asia Pacific East region (primarily Korea, Japan, and New Zealand) reported revenue of $649 million in 2024, up from $593 million in 2023, with a normalized EBITDA margin increase to 30.7% from 24.3%[140] - The Asia Pacific West region (including China, India, Vietnam, and export markets) saw revenue decline to $2.750 billion in 2024 from $3.073 billion in 2023, with a normalized EBITDA margin of 32.8% compared to 33.5% in 2023[140] Sustainability and Environmental Efforts - The company reduced water usage in beer production to 1.86 hectoliters per hectoliter, a 38% reduction from the 2017 baseline[5] - The company was included in the S&P Global Sustainability Yearbook (China Edition) 2024 for its sustainability efforts[5] Financial Position and Cash Flow - Net cash position stood at $2.4 billion as of June 30, 2024, reflecting strong financial discipline[10] - Cash and cash equivalents decreased from $3,141 million as of December 31, 2023, to $2,406 million as of June 30, 2024[27] - Cash flow from operating activities decreased significantly from $762 million in H1 2023 to $223 million in H1 2024, mainly due to reduced operating cash and changes in working capital[27] - Cash flow used in investing activities increased to $250 million in H1 2024 from $223 million in H1 2023, driven by higher cash pool deposits to the Budweiser Group[28] - Cash flow used in financing activities increased by $175 million to $645 million in H1 2024, primarily due to higher dividend payments[29] - Total debt increased to $432 million as of June 30, 2024, from $351 million as of December 31, 2023, with $344 million due within one year[31][32] - Cash (net of debt) to normalized EBITDA ratio increased from 1.8x in H1 2023 to 1.9x in H1 2024, driven by a decrease in normalized EBITDA from $1,173 million to $1,100 million[34] - The company's net current liabilities stood at $344 million, reflecting its operational cash flow management strategy[123] - Operating cash flow for the six months ended June 30, 2024, was $223 million, supporting the company's liquidity needs[123] - Available committed and uncommitted financing facilities totaled $500 million and $599 million, respectively, as of June 30, 2024[123] - Cash (net of debt) decreased to $2,084 million from $2,835 million at the end of 2023, with a debt-to-equity ratio of -25.2%[126][127] - The company's total equity was $10,357 million as of June 30, 2024, compared to $10,850 million at the end of 2023[127] - Capital expenditures and investments in subsidiaries remain key cash requirements for the company[123] - The company paid a final dividend of 5.29 cents per share for the 2023 fiscal year, totaling $698 million, representing 82% of the profit attributable to equity holders[155] - Total comprehensive loss as of June 30, 2024 was $1,499 million, compared to $1,390 million in the same period last year[157] - Total interest-bearing loans and borrowings were $323 million as of June 30, 2024, down from $331 million as of December 31, 2023[159] - The company received $15 million in loan proceeds in the first half of 2024, compared to $80 million in the same period last year[159] - Trade payables and accruals decreased to $1,861 million as of June 30, 2024, from $1,997 million as of December 31, 2023[164] - Payables to Anheuser-Busch InBev decreased to $80 million as of June 30, 2024, from $104 million as of December 31, 2023[165] - Trade receivables and payables to Budweiser Group decreased from $2,101 million to $1,941 million, with overdue amounts showing a significant reduction, especially in the over 90 days category from $31 million to $11 million[166] - Contract liabilities decreased from $1,096 million to $730 million, while entrusted packaging increased from $360 million to $400 million, resulting in a combined decrease from $1,456 million to $1,130 million[167] - Collateral provided for own liabilities decreased slightly from $120 million to $115 million, while commitments for purchasing property, plant, and equipment increased from $116 million to $139 million[169] - Sales of finished goods to Budweiser Group increased significantly from $4 million to $20 million, while purchases remained stable at $17 million[170] - Cash pool deposits with Budweiser Group increased from $25 million to $89 million, and cash pool loans from Budweiser Group were $88 million as of June 30, 2024[171] - Provisions decreased from $167 million to $103 million, with $56 million related to a tax assessment in Korea being paid in January 2024[173] Shareholder and Compensation Plans - The company’s compensation structure includes performance-based bonuses tied to financial (e.g., EBITDA, net revenue) and non-financial (e.g., sustainability, compliance) KPIs[44] - The company’s share incentive plans, including the Long-Term Incentive Plan and Restricted Share Unit Plan, hold 55,559,035 shares in trust as of June 30, 2024[45] - The company’s share incentive plans aim to align employee interests with shareholders and retain top talent in the Asia-Pacific region[45] - The company’s compensation committee reviews and sets performance targets for senior management, including financial and non-financial KPIs[44] - The long-term incentive plan will be effective for a period of ten years starting from May 8, 2023, unless terminated earlier by the company[52] - The restricted share unit plan will also be effective for a period of ten years starting from May 8, 2023, unless terminated earlier by the company[58] - The employee betting plan will be effective for a period of ten years starting from May 8, 2023, unless terminated earlier by the company[64] - The exercise price of stock options under the long-term incentive plan is determined by the board and will not be lower than the highest of: (i) the closing price on the grant date, (ii) the average closing price over the five trading days prior to the grant date, or (iii) the par value of the shares[51] - The purchase price of restricted share units under the restricted share unit plan is determined by the board and will not be lower than the highest of: (i) the closing price on the grant date, (ii) the average closing price over the five trading days prior to the grant date, or (iii) the par value of the shares[57] - The purchase price of restricted share units or restricted shares under the employee betting plan is determined by the board and will not be lower than the highest of: (i) the closing price on the grant date, (ii) the average closing price over the five trading days prior to the grant date, or (iii) the par value of the shares[63] - No payment is required at the time of application or acceptance of stock options under the long-term incentive plan, and there are no specified deadlines for payment or repayment of loans used for such purposes[50] - No payment is required at the time of application or acceptance of restricted share units under the restricted share unit plan, and there are no specified deadlines for payment or repayment of loans used for such purposes[56] - No payment is required at the time of application or acceptance of restricted share units or restricted shares under the employee betting plan, and there are no specified deadlines for payment or repayment of loans used for such purposes[62] - The share-based compensation plan allows participants to receive bonuses in the form of cash, restricted shares, or a combination of both, with additional "matching" restricted share units provided as an incentive[65] - The company's share-based compensation plan allows vested restricted share units and issued shares to be traded at any time within the applicable period determined by the Board, subject to certain restrictions and terms[68] - The purchase price for restricted share units or restricted shares under the share-based compensation plan is determined by the Board and will not be lower than the highest of: (i) the closing price on the grant date, (ii) the average closing price over the five trading days preceding the grant date, or (iii) the nominal value of the shares[70] - The share-based compensation plan will remain effective for ten years starting from May 8, 2023, unless terminated earlier by the company[71] - The new restricted share unit plan allows the Board to grant restricted share units to employees and directors who have contributed or will contribute to the group[72] - The maximum number of shares each participant can receive under the new restricted share unit plan is subject to any limits set by the amended and effective listing rules[73] - Vested restricted share units under the new plan can be traded at any time within the applicable period determined by the Board, subject to certain restrictions and terms[74] - The purchase price for restricted share units under the new plan is determined by the Board and will not be lower than the highest of: (i) the closing price on the grant date, (ii) the average closing price over the five trading days preceding the grant date, or (iii) the nominal value of the shares[76] - The new restricted share unit plan will remain effective for ten years starting from May 8, 2023, unless terminated earlier by the company[77] - As of June 30, 2024, Mr. Yang Ke holds 15,289,898 unexercised share options, and the five highest-paid individuals hold a total of 31,226,484 unexercised share options[79] - 508,297 share options held by other eligible employees were canceled during the six months ended June 30, 2024, with exercise prices of HK$23.2 and HK$28.34[79] - Yang Ke holds 7,462,588 restricted share units under the Restricted Share Unit Plan as of January 1, 2024, with an additional 350,063 units granted by June 30, 2024, totaling 7,812,651 units[81] - Yang Ke also holds 4,370,603 restricted share units under the New Restricted Share Unit Plan, with an additional 6,090 units granted by June 30, 2024, totaling 4,376,693 units[81] - The five highest-paid individuals collectively hold 29,038,658 restricted share units as of January 1, 2024, with an additional 3,086,968 units granted by June 30, 2024, totaling 31,891,760 units[81] - Other eligible employees hold 62,117,170 restricted share units as of January 1, 2024, with an additional 6,661,634 units granted by June 30, 2024, totaling 68,467,512 units[81] - The restricted share units granted under the Restricted Share Unit Plan, New Restricted Share Unit Plan, Share-based Compensation Plan, and Employee Betting Plan have a purchase price of zero[82] - Restricted share units granted under the Restricted Share Unit Plan will vest on the third and/or fifth anniversary of the grant date[82] - Restricted share units granted under the New Restricted Share Unit Plan will vest on the third and/or fifth anniversary of the grant date[82] - Restricted share units granted under the Share-based Compensation Plan will vest on the third and/or fifth anniversary of the grant date[82] - Restricted share units granted under the Employee Betting Plan will vest on the fifth anniversary of the grant date[82] - The company has made adjustments and forfeitures to the number of share awards held by employees due to updates in internal record-keeping mechanisms and procedures[83] - The maximum number of shares that can be granted under the long-term incentive plan, restricted share unit plan, new restricted share unit plan, employee betting plan, and share-based compensation plan is 10% of the total issued shares of the company as of the listing date or the date of approval of the updated limit (1,324,339,700 shares as of May 8, 2023)[85] - As of January 1, 2024, the total number of share awards that can be granted under the share incentive plan is 1,168,469,631 shares, representing 8.82% of the company's issued share capital[85] - As of June 30, 2024, the total number of share awards that can be granted under the share incentive plan is 1,164,758,826 shares, representing approximately 8.80% of the company's issued share capital[85] - The total number of shares that can be issued upon the exercise or vesting of all outstanding share awards under the share incentive plan is 159,580,874 shares, representing 1.20% of the company's issued share capital as of June 30, 2024[85] - Mr. Yang Ke, a director and senior executive, holds 1,209,277 shares of the company, with 1,028,665 shares being restricted shares under the relevant share incentive plan[87] - Mr. Yang Ke holds 42,344 shares of Budweiser Group (an associated company), with 2,331 shares being restricted shares under the relevant plan of Budweiser Group[89] - Mr. Yang Ke holds 365,009 shares of Ambev (an associated company), with 347,103 shares being conditional stock options that may be delivered upon exercise[90] - The Securities and Futures Commission has granted partial exemptions to non-executive directors from strict compliance with certain disclosure