大华继显：降华润啤酒目标价至33.8港元 维持“买入”评级

Group 1 - The core viewpoint of the report is that China Resources Beer (00291) has exceeded expectations in its first half performance, driven by sales growth in mid-to-high-end beer segments, which has led to an increase in average selling prices [1] - The company plans to continue focusing on Heineken as its core brand while also strengthening its mid-to-high-end market as another growth driver during the 14th Five-Year Plan [1] - The brokerage expects that the adjustment phase of the liquor business in the second half of the year will not worsen further, but any potential impairment will depend on business operations [1] Group 2 - The brokerage maintains a "Buy" rating for the company, with a target price adjusted from HKD 35 to HKD 33.8 to reflect the weakness in the liquor business [1]