研究报告 Research Report 25 Jul 2025 华润饮料 China Resources Beverage (2460 HK) 首次覆盖: 产能与渠道驱动中期成长 Capacity Expansion and Channel Penetration Support the Performance: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$13.10 目标价 HK$18.10 HTI ESG 3.8-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$31.42bn / US$4.00bn 日交易额 (3 个月均值) US$11.80mn 发行股票数目 2,398mn 自由流通股 (%) 15% 1 年股价最高最低值 HK$16.68-HK$10.42 注：现价 HK$13.10 为 2025 年 07 ...