富瑞：华润啤酒(00291)发盈警属预期之内 续列为首选股

Core Viewpoint - The report from Jefferies maintains a "Buy" rating for China Resources Beer (00291) with a target price of HKD 35.7, continuing to list it as one of its preferred stocks [1] Group 1: Financial Performance - Following the announcement of its interim results, the market had anticipated a profit warning from the company due to provisions related to its liquor business [1] - Excluding these provisions, the company's net profit for last year is expected to be between RMB 5.9 billion and RMB 6.1 billion, which is higher than market expectations [1] Group 2: Market Position and Sales Outlook - According to channel surveys, the company's channel inventory situation is healthy, leading to an expectation that its beer sales trends for January and February this year will outperform its peers [1]