智通财经网·2025-08-21 06:39Core Viewpoint - Morgan Stanley reports that China Resources Beer (00291) experienced a 0.8% year-on-year increase in sales and a 23% increase in profit for the first half of the year, with adjusted EBITDA rising by 11.3%, slightly exceeding market expectations [1] Group 1: Financial Performance - The company's EBITDA margin expanded by 3.4 percentage points in its beer business, indicating improved profitability [1] - For the current year, sales, adjusted EBITDA, and net profit are expected to rise by 1.1%, 11%, and 26% respectively [1] - The company anticipates a compound annual growth rate (CAGR) for sales, adjusted EBITDA, and net profit of 3.5%, 12%, and 6% from 2025 to 2027 [1] Group 2: Dividend Policy - The company is projected to increase its dividend per share by 26% year-on-year to 0.96 RMB, resulting in a yield of 3.7% [1] - There is potential for the company to gradually raise its dividend payout ratio to 60% in the future [1] Group 3: Target Price and Rating - Morgan Stanley raised the target price for China Resources Beer from 40 HKD to 41 HKD while maintaining an "Overweight" rating [1]