智通财经网·2026-03-04 01:45Group 1 - Morgan Stanley raised the target price for China Resources Beer (00291) from HKD 35 to HKD 36, driven by the appreciation of the RMB, while maintaining an "Overweight" rating [1] - The firm expects continued efficiency improvements and an increased share of Heineken beer to offset the impact of rising raw material costs on sales and operating profit growth in the beer business [1] - The earnings per share forecast for China Resources Beer for 2025 to 2027 has been lowered by 2% to 4% due to challenges in the demand environment for the liquor business and the need for business restructuring, along with rising aluminum prices affecting gross margins [1] Group 2 - Sales in the beer business are projected to grow by 2% and 3% in 2025 and 2026, respectively, with operating profit margin expansion leading to a 10% and 7% increase in recurring operating profit for those years [1] - The liquor business is expected to incur losses in 2025, with losses narrowing in 2026 [1] - Overall recurring net profit is anticipated to grow by 11% in both 2025 and 2026 [1]