百威亚太：中国区继续承压，积极调整应对

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (01876.HK) with a target price of HKD 10, compared to the current price of HKD 8.11 [1][3]. Core Views - The company reported a total revenue of USD 5.104 billion and normalized EBITDA of USD 1.579 billion for the first three quarters of 2024, reflecting a year-on-year decline of 6.1% and 6.2% respectively. The normalized net profit attributable to the parent company was USD 777 million, showing a decline of 11.6% [1]. - In Q3 alone, the company achieved total revenue of USD 1.705 billion and normalized EBITDA of USD 479 million, with year-on-year declines of 9.4% and 16.6% respectively. The normalized net profit for Q3 was USD 225 million, down 25% [1]. - The report highlights the pressure on sales in the China region due to weak consumption in dining and nightlife, increased competition, and high base effects from the previous year. In contrast, the Indian market showed strong growth, particularly in high-end and super-premium product segments [1][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, Budweiser APAC's total revenue was USD 5.104 billion, with a normalized EBITDA of USD 1.579 billion, both down 6.1% year-on-year. The normalized net profit was USD 777 million, down 11.6% [1]. - In Q3 2024, total revenue was USD 1.705 billion, with normalized EBITDA of USD 479 million, reflecting declines of 9.4% and 16.6% year-on-year respectively. The normalized net profit for Q3 was USD 225 million, down 25% [1][2]. Regional Performance - In the Asia-Pacific West region, sales were weak, with a year-on-year decline in volume and price of 14.2% and 2.1% respectively. The pressure was attributed to weak dining and nightlife consumption, intensified competition, and a high base from the previous year [1]. - Conversely, the Asia-Pacific East region saw a recovery in sales, with a year-on-year increase in volume of 3.9% and a price increase of 11.4%, driven by market investments and new product launches [1][3]. Strategic Adjustments - The company is actively adjusting its strategy in the China market by enhancing its presence in the non-retail beverage segment and increasing investments in the mid-range price segment. The report notes that the high-end potential in China remains significant, with expectations for gradual recovery in operations as policies take effect [1][3]. - In South Korea, the company plans to increase prices for high-end products starting November 1, which is expected to support profit growth in the coming year [1].