高盛：预计百威亚太(01876)今年中国收入重回增长 维持“买入”评级

Group 1 - Goldman Sachs has adjusted Budweiser APAC's (01876) sales and net profit forecasts for 2026 to 2027, expecting sales growth of 3.1%, 4.4%, and 4.7% for the years 2026 to 2028, with normalized EBITDA growth of 2.4%, 8.6%, and 9.5% respectively [1] - For 2025, Budweiser APAC's organic sales and EBITDA are projected to decline by 6.1% and 9.8% year-on-year, primarily due to challenges in the Chinese market, where sales volume decreased by 8.6% and average selling price fell by 3% [1] - There are signs of stabilization in the Chinese market starting from the fourth quarter, with the sales volume decline narrowing to 3.9%, while the Indian market continues to show strong double-digit revenue growth in the fourth quarter [1] Group 2 - The South Korean market has demonstrated resilience despite industry weakness, with EBITDA profit margins expanding [1] - Looking ahead to 2026, the group anticipates facing slight commodity price cost challenges, which may be offset by cost management measures [1] - The company expects revenue in the Chinese market to return to positive growth within the year, with stable average selling prices and a projected sales volume increase of 2% year-on-year [1]