研报掘金丨中金：维持百威亚太“跑赢行业”评级，下调今年EBITDA预测

Group 1 - The core viewpoint of the article indicates that Budweiser APAC reported a decline in its 2025 performance metrics, with Q4 revenue, sales volume, average price, and EBITDA decreasing by 4.2%, 0.7%, 3.5%, and 24.7% year-on-year, respectively, reflecting organic growth rates [1] - In China, the revenue, sales volume, average price, and EBITDA also saw significant declines of 11.4%, 3.9%, 7.7%, and 42.3% year-on-year [1] - The report suggests that the company's performance continues to adjust in line with expectations, and it is prioritizing growth for 2026, indicating a potential bottoming out [1] Group 2 - The company is expected to moderately increase its investments, leading to a downward revision of the 2026 EBITDA forecast by 7.1% to $1.593 billion, while introducing a 2027 EBITDA estimate of $1.637 billion [1] - Due to the support from the dividend yield, the target share price is maintained at HKD 9.8, with a rating of "outperforming the industry" [1]