星展：升华润啤酒目标价至38港元 维持“买入”评级

Core Viewpoint - DBS has raised its earnings forecast for China Resources Beer (00291) for the next two years by 13% and 2% respectively, reflecting one-time gains in the first half and better sales and profit recovery [1] Financial Performance - The group's core profit forecast for this year has been increased by 2%, with the target price raised from HKD 35.6 to HKD 38, maintaining a "Buy" rating [1] - The core earnings for the first half of the year exceeded expectations due to significant sales growth and effective cost control [1] Operational Insights - Continuous efficiency improvements and favorable raw material trends are expected to contribute to an approximate 2 percentage point expansion in gross margin for the year [1] - The company is accelerating channel expansion, with household consumption also driving rapid growth [1] Sales Trends - Profit recovery from July to August supports a low single-digit sales growth and a slight increase in average price for the year [1]