Core Viewpoint - CICC's report indicates that China Resources Beverage (02460) is expected to achieve a revenue of 11 billion RMB and a net profit of 970 million RMB in 2025, aligning with market expectations. The target price is maintained at 12 HKD with an "outperform" rating [1] Group 1 - The company is anticipated to experience a deep adjustment period in 2025, with a potential recovery in revenue and profit margins expected in 2026 following channel adjustments [1] - The appointment of Gao Li as chairman, who has a deep understanding of the company's fundamentals from his previous role as CFO from 2012 to 2020, is seen as a positive development [1] - The report suggests that 2026 may mark a turning point for the company, with expectations of a rebound in performance [1]
中金：维持华润饮料目标价12港元及“跑赢行业”评级