高盛：预计百威亚太今年中国收入重回增长 维持“买入”评级

Core Viewpoint - Goldman Sachs has adjusted its sales and net profit forecasts for Budweiser APAC (01876) for 2026 to 2027, projecting sales growth of 3.1%, 4.4%, and 4.7% for the respective years, with normalized EBITDA growth of 2.4%, 8.6%, and 9.5% [1] Group 1: Sales and Profit Forecasts - The organic sales and EBITDA for Budweiser APAC are expected to decline by 6.1% and 9.8% year-on-year in 2025 [1] - The Chinese market is identified as the main drag, with sales volume down 8.6% and average selling price down 3% year-on-year [1] - There are signs of stabilization in the fourth quarter, with the sales volume decline narrowing to 3.9% [1] Group 2: Market Performance - The Indian market continues to show strong growth, with double-digit revenue growth in the fourth quarter [1] - The South Korean market demonstrates resilience despite industry weakness, with an expansion in EBITDA profit margins [1] Group 3: Future Outlook - For 2026, the group anticipates slight challenges from commodity price costs, which may be offset by cost management measures [1] - Revenue in the Chinese market is expected to return to positive growth within the year, with stable average selling prices and a projected 2% year-on-year increase in sales volume [1]