大行评级｜大和：下调华润饮料目标价至12.5港元，惟重申“买入”评级

Core Viewpoint - Daiwa's report indicates a recent change in the chairman of China Resources Beverage, with the new chairman, Gao Li, having previously served as the group's CFO and playing a significant role during the company's rapid growth [1] Group 1: Company Management Changes - The new chairman, Gao Li, has a background as the group's CFO and was instrumental during the company's growth phase [1] Group 2: Market Performance and Predictions - The management of China Resources Beverage stated that the retail market share for bottled water has stabilized over the past few months [1] - Investors are awaiting a clear turning point, with market attention focused on the company's sales performance in the second quarter of this year [1] Group 3: Financial Forecast Adjustments - Daiwa has adopted a more conservative outlook for revenue growth and operating profit margin expansion, leading to a downward revision of the earnings per share forecast for 2025 to 2027 by 18% to 25% [1] - The target price for the company has been reduced from HKD 15.3 to HKD 12.5, while maintaining a "buy" rating, as the company’s channel adjustments are expected to yield significant results this year [1]