Core Viewpoint - Guosheng Securities maintains an "overweight" rating on China Resources Beverage, highlighting the company's strong position in the beverage industry and its focus on growth in the Hong Kong market [1] Group 1: Company Strategy and Market Position - The company emphasizes the importance of water as a necessity that can withstand business cycles, with a clear advantage from years of deep cultivation in the industry [1] - The company is focusing on increasing its self-produced ratio while decreasing its outsourcing ratio, which is expected to enhance profit margins [1] - The company is committed to maintaining stable operations in the Hong Kong market, benefiting from the new company registration system introduced by the Hong Kong government [1] Group 2: Business Development and Product Innovation - In the packaging water segment, the company adheres to a multi-brand and multi-water source development strategy, with a focus on the Yibao and Benyou brands [2] - In the beverage segment, the company launched 14 new SKU products in the first half of 2025, aiming to develop a second growth curve [2] - Key product developments include tea beverages, fruit juices, and other drinks such as sports drinks and coffee beverages [2]
国盛证券：华润饮料(02460)注册地迁移至香港 维持“增持”评级