Financial Performance - In Q1 2024, the company achieved a revenue of RMB 10.15 billion, a decrease of 5.19% year-on-year[5] - The net profit attributable to shareholders was RMB 1.60 billion, representing a year-on-year increase of 10.06%[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1.51 billion, up 12.11% year-on-year[5] - The basic earnings per share were RMB 1.175, an increase of 9.71% year-on-year[5] Cash Flow and Assets - The operating cash flow net amount increased by 57.29% to RMB 2.85 billion, driven by higher cash receipts from sales[7] - The total assets at the end of the reporting period were RMB 50.46 billion, an increase of 2.44% from the end of the previous year[4] - The equity attributable to shareholders increased to RMB 29.07 billion, reflecting a growth of 5.89% year-on-year[4] Sales and Market Performance - The cumulative product sales reached 2.184 million kiloliters, with the main brand Tsingtao beer accounting for 1.322 million kiloliters[5] Strategic Initiatives - The company continues to enhance brand optimization and product structure upgrades to achieve sustainable high-quality development[5] Government Support and Shareholding - The company received government subsidies amounting to RMB 94.92 million related to daily operations[6] - Qingdao Beer Group holds a total of 38,335,600 H shares and 405,132,055 A shares of the company[10] - The company acquired 20% equity of Qingdao Beer (Anshan) Co., Ltd. for RMB 18.065 million, increasing its ownership to 80%[12] - The report indicates that there were no changes in the top 10 shareholders due to margin trading or stock lending activities[11]

Financial Performance - Revenue for the first quarter of 2024 was RMB 10.15 billion, a decrease of 5.19% year-over-year[4] - Net profit attributable to shareholders of the listed company was RMB 1.597 billion, an increase of 10.06% year-over-year[4] - Net profit for the first quarter of 2024 was 1.62 billion RMB, compared to 1.47 billion RMB in the same period last year[18] - Operating income for the first quarter of 2024 was 10.15 billion RMB, down from 10.71 billion RMB in the same period last year[17] - Basic earnings per share were RMB 1.175, an increase of 9.71% year-over-year[4] - Basic earnings per share (EPS) for the first quarter of 2024 was 1.175 RMB, up from 1.071 RMB in the same period last year[19] - Weighted average return on equity (ROE) was 5.65%, an increase of 0.12 percentage points[4] Cash Flow and Liquidity - Net cash flow from operating activities was RMB 2.853 billion, an increase of 57.29% year-over-year[4] - Net cash flow from operating activities increased by 57.3% to 2,853,166,067 yuan in Q1 2024 from 1,813,957,743 yuan in Q1 2023[21] - Total cash inflow from operating activities reached 10,020,892,260 yuan in Q1 2024, up 7.5% from 9,325,415,046 yuan in Q1 2023[21] - Cash outflow for purchasing goods and services decreased by 5.6% to 3,776,378,876 yuan in Q1 2024 from 4,000,150,030 yuan in Q1 2023[21] - Cash payments for investments surged to 7,200,000,000 yuan in Q1 2024, a 12.7% increase from 6,386,109,500 yuan in Q1 2023[21] - Net cash flow from investment activities was -5,925,636,971 yuan in Q1 2024, compared to -4,190,214,856 yuan in Q1 2023[21] - Cash and cash equivalents at the end of Q1 2024 stood at 6,183,503,443 yuan, a 40.8% decrease from 10,444,423,063 yuan at the end of Q1 2023[22] - Cash payments for employee compensation increased by 4.5% to 1,392,868,601 yuan in Q1 2024 from 1,333,509,933 yuan in Q1 2023[21] - Tax payments decreased by 17.2% to 1,135,815,605 yuan in Q1 2024 from 1,370,839,687 yuan in Q1 2023[21] - Cash received from disposal of fixed assets and intangible assets dropped significantly to 7,273,212 yuan in Q1 2024 from 586,174,150 yuan in Q1 2023[21] Sales and Product Performance - Total product sales volume for the first quarter was 2.184 million kiloliters, with the main brand Tsingtao Beer contributing 1.322 million kiloliters[5] - Sales volume of mid-to-high-end products reached 960,000 kiloliters[5] - Sales of goods and services received cash of 9,622,455,676 yuan in Q1 2024, a 5.2% increase from 9,149,118,050 yuan in Q1 2023[20] Assets and Liabilities - Total assets increased by 2.44% to RMB 50.459 billion compared to the end of the previous year[5] - Total assets increased to 50.46 billion RMB, up from 49.26 billion RMB in the previous period[15] - Equity attributable to shareholders of the listed company increased by 5.89% to RMB 29.068 billion[5] - Total equity increased to 29.85 billion RMB from 28.25 billion RMB[16] - Total liabilities decreased to 20.61 billion RMB from 21.00 billion RMB[16] - Contract liabilities decreased to 5.94 billion RMB from 7.69 billion RMB[15] - The company's monetary funds increased to RMB 21.60 billion as of March 31, 2024, compared to RMB 19.28 billion at the end of 2023[13] - Trading financial assets rose to RMB 3.04 billion in Q1 2024, up from RMB 1.92 billion at the end of 2023[14] - Inventory decreased to RMB 2.51 billion in Q1 2024 from RMB 3.54 billion at the end of 2023[14] - Total current assets reached RMB 30.11 billion as of March 31, 2024, compared to RMB 29.61 billion at the end of 2023[14] - Fixed assets stood at RMB 10.95 billion as of March 31, 2024, slightly down from RMB 11.15 billion at the end of 2023[14] - Construction in progress increased to RMB 603.06 million in Q1 2024 from RMB 498.57 million at the end of 2023[14] - Intangible assets grew to RMB 2.62 billion as of March 31, 2024, up from RMB 2.49 billion at the end of 2023[14] - Deferred tax assets rose to RMB 2.14 billion in Q1 2024 from RMB 2.03 billion at the end of 2023[14] - The company's total non-current assets increased to RMB 19.05 billion as of March 31, 2024, compared to RMB 18.13 billion at the end of 2023[14] Investments and Acquisitions - The company acquired a 20% stake in Qingdao Beer (Anshan) Co., Ltd. for RMB 18.065 million, increasing its ownership to 80%[12] Expenses and Costs - Research and development expenses increased to 17.83 million RMB from 10.70 million RMB[18] - Sales expenses decreased to 1.30 billion RMB from 1.48 billion RMB[18] - Financial expenses showed a net income of 141.21 million RMB, compared to 102.26 million RMB in the same period last year[18] Government Subsidies - Government subsidies received during the period amounted to RMB 94.924 million[6]

Brand Value and Market Position - Tsingtao Beer brand value reached RMB 240.689 billion in 2023, maintaining the top position in the Chinese beer industry[8] - The total brand value of Tsingtao Brewery's brands, including Tsingtao Beer, Laoshan Beer, and Hans Brewery, surpassed RMB 380 billion[9] - Tsingtao Brewery has launched several new products, including "Century Legend" and "Tsingtao IPA," which cater to market demands and lead trends in high-end beer consumption[11] - The company operates 57 wholly-owned and controlling breweries and 2 associated breweries across 20 provinces in China, solidifying its leading market position[6] - Tsingtao Brewery's products are sold in over 120 countries and regions worldwide, reflecting its extensive market reach[13] - The company has strengthened its marketing network and improved customer service capabilities to enhance its competitive edge in both established and emerging markets[13] - Tsingtao Beer has received multiple awards for quality in domestic and international competitions, reinforcing its reputation for high product quality[10] Financial Performance - Total revenue for 2023 reached RMB 33,936,523 thousand, an increase from RMB 32,171,566 thousand in 2022, representing a growth of approximately 5.5%[17] - Net profit attributable to shareholders of the Company was RMB 4,267,851 thousand, up from RMB 3,710,629 thousand in 2022, reflecting a year-over-year increase of about 15%[17] - Basic earnings per share for 2023 was RMB 3.139, compared to RMB 2.736 in 2022, marking an increase of about 14.7%[17] - Total profit for the year was RMB 5,746,407 thousand, which is an increase from RMB 5,006,141 thousand in 2022, representing a growth of approximately 14.8%[17] - The weighted average return on net assets for 2023 was 16.12%, up from 15.30% in 2022, indicating improved efficiency in asset utilization[17] - The Company’s total equity attributable to shareholders increased to RMB 27,449,478 thousand from RMB 25,494,822 thousand in 2022, showing a growth of about 7.7%[17] - The Company recognized government grants in profits amounting to RMB 391,134 thousand, contributing positively to the overall profit figures[15] Operational Efficiency and Cost Management - The company continued to enhance operational efficiency and cost management, contributing to sustainable growth[26] - The revenue per kiloliter increased by 6.4% year-on-year, indicating improved pricing power in the market[28] - The company is focusing on digital transformation and innovation management to drive high-quality development[24] - The company is accelerating the construction of large-scale, intelligent, and green plants, including a high-end beer production base with an annual capacity of 1 million kiloliters and a malt raw material base with an annual capacity of 250,000 tons[31] Shareholder and Equity Information - The board proposed a final dividend of RMB2.00 per share for the year ended December 31, 2023, subject to approval at the annual general meeting[39][41] - The company aims to maintain a stable profit distribution policy, ensuring that cash dividends are not less than 30% of the distributable profits for the year[39] - The total number of ordinary shares is 1,364,232,790, with a decrease of 36,002 shares[54] - The substantial shareholder, Qingdao State-owned Assets Supervision and Administration Commission, held 405,132,055 A-shares, which is 29.70% of the total issued capital[62] Employee Management and Development - As of the end of the reporting period, the company had a total of 30,687 full-time employees, with 13,716 in production, 9,714 in sales, and 2,368 in technical roles[82][83] - The company implemented a differentiated assessment and distribution mechanism for total wages linked to performance, aiming to enhance employee income levels in line with operational results[84] - The company has adopted an annual performance appraisal system for executive directors and senior management, focusing on position responsibilities and annual operating results[75] - The proportion of highly skilled talents within the Company continued to increase, with over 70 skill awards received at national, provincial, and municipal levels[88] Governance and Compliance - The Company has complied with the disclosure requirements under Chapter 14A of the Listing Rules regarding continuing connected transactions[130] - The Company’s internal control procedures regarding transactions have been deemed adequate and effective by the Board[130] - The internal control and risk management system aims to ensure legal compliance, asset security, and the authenticity of financial reporting[194] - The company has established a robust management system for information insiders, with no regulatory issues reported during the Reporting Period[153] Environmental Sustainability - The company is committed to environmental sustainability, focusing on low-carbon management and circular economy practices to achieve a balance between production efficiency and ecological civilization[40] - The Company has improved its environmental management system and aims for sustainable development through low-carbon management and circular economy practices[44] - The environmental performance has been continuously improved, ensuring stable and compliant pollutant discharge during production[46] Strategic Initiatives - The company is actively expanding its global market presence, particularly in traditional advantageous markets, as part of its strategy along the "Belt and Road" initiative[29] - The Company implements a profit distribution policy, ensuring cash dividends are no less than 30% of distributable profits for the current year[42] - The Company is leveraging its position as the world's first industrial internet "Lighthouse Brewery" to drive innovation and high-quality development in the beer industry[31]

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer with a target price of HK$101.00, slightly down from the previous HK$101.58 [1][4]. Core Insights - The report indicates that despite a significant increase in sales and distribution expenses in Q4 2023, the profit margin expansion trend is expected to continue into 2024, driven by product upgrades and a decrease in the sales and distribution expense ratio [1][2][4]. - The adjusted net profit for 2024 is projected at RMB 40.87 billion, which is 7.7% lower than previous forecasts due to increased brand investment following negative news in November 2023 [1][3]. - The report highlights that the average selling price of beer increased by 6.8% year-on-year in 2023, while sales volume decreased by 0.8%, indicating a shift towards higher-end products [1][2]. Financial Summary - Revenue for 2023 was RMB 31.55 billion, with a year-on-year growth of 5.9%. The projected revenue for 2024 is RMB 33.40 billion, maintaining the same growth rate [2][7]. - The gross profit margin for 2023 was 34.0%, expected to rise to 36.1% in 2024, reflecting ongoing improvements in product mix and cost management [2][10]. - The adjusted earnings per share (EPS) for 2024 is estimated at RMB 3.64, down from RMB 3.82 previously forecasted, indicating a 5% decrease [1][3]. Valuation - The report uses a 15x adjusted EV/EBITDA multiple for valuation, which is higher than the current multiples of 9.0x for Chinese beer companies and 12.8x for liquor companies, reflecting the company's positive revenue structure changes and profit margin improvements [4][5]. - The target price of HK$101.00 is based on updated earnings forecasts and a revised exchange rate assumption of 1.10 for RMB/HKD [4][5]. Market Comparison - Qingdao Beer is compared with peers such as China Resources Beer and Budweiser APAC, showing a competitive position in terms of valuation metrics like P/E and EV/EBITDA [5]. - The report notes that Qingdao Beer trades at a P/E of 12.6x for 2024E, which is attractive given the expected growth in profit margins and revenue [5][10].

公 价格提升驱动增长 盈利能力获得提升 司 研 ——青岛啤酒（600600.SH）年报点评 食品饮料/非白酒 究 事件： 公司发布 2023年度年报，全年实现营收/归母净利润 339.37/42.68亿元，同 评级 买入 比增长5.49%/15.02%。其中Q4实现营收29.58亿元、同比下滑3.37%，归 2024年04月08日 母净利润-6.4 亿元，较同期（22Q4 归母净利润-5.56 亿元）亏损加大。业绩 符合市场预期。 徐广福 分析师 投资摘要： SAC执业证书编号：S1660524030001 主品牌组合发展提升产品结构，千升酒价提升趋势延续，23年4季度销量短 年 期承压。23年全年销量801万千升，同比下滑0.82%，千升酒价4170元/千 报 升、同比增长 6.18%，全年千升酒价提高为业绩增长驱动力。全年青岛品牌/ 其他品牌销量分别为 456 万/345 万千升，同比增长 2.67%/下滑 5.08%。青 交易数据 时间 2024.4.8 点 岛品牌实现营收 232.63亿元，其他品牌实现营收 101.43亿元，青岛品牌/其 总市值/流通市值（亿元） 1,063.39/549.31 他品 ...

2024年04月10日 公司研究●证券研究报告 青岛啤酒（ ） 公司快报 600600.SH 食品饮料 | 啤酒Ⅲ 结构升级延续，成本改善可期 投资评级 买入-B(首次) 股价(2024-04-09) 78.45元 事件： 公司发布2023年年报，2023全年公司实现营业收入339.37亿元，同比+5.5%，实 交易数据 现归母净利润42.68亿元，同比+15.02%，实现扣非归母净利润37.21亿元，同比 总市值（百万元） 107,021.24 +15.94%。单季度来看，23Q4公司实现营业收入29.58亿元，同比-3.4%，实现归母 流通市值（百万元） 55,283.59 净利润-6.4亿元，同比-15.01%，实现扣非归母净利润-8.76亿元，同比-34.53%。 总股本（百万股） 1,364.20 流通股本（百万股） 704.70 投资要点 12个月价格区间 118.72/69.11 收入分析：高端化进程稳步推进，基地市场增长亮眼。2023年公司实现营收339.37 一年股价表现 亿元，同比+5.5%（其中Q1：+16.27%；Q2：+8.16%；Q3：-4.58%；Q4：-3.37%）。 公司啤 ...

证券研究报告 公司点评 青岛啤酒(600600.SH) 食品饮料｜ 非白酒 延续中高端化趋势 2024年03月31日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 增持 主营收入（亿元） 321.72 339.37 358.01 376.94 396.07 归母净利润（亿元） 37.11 42.68 48.76 54.96 61.06 评级变动 首次 每股收益（元） 2.72 3.13 3.57 4.03 4.48 交易数据 每股净资产（元） 18.69 20.12 21.91 23.92 26.16 当前价格（元） 83.37 P/E 30.65 26.65 23.33 20.69 18.63 52周价格区间（元） 68.35-124.33 P/B 4.46 4.14 3.81 3.48 3.19 总市值（百万） 91069.26 资料来源：Wind，财信证券 流通市值（百万） 58750.71 总股本（万股） 136419.70 投资要点： 流通股（万股） 135976.80  收入利润均实现增长。2023年，公司实现营业收入339.37亿元，同比 增长5.49%，实现归母 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2024-009 青岛啤酒股份有限公司 关于召开2023年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、说明会类型 公司将在线回答投资者的提问。 青岛啤酒股份有限公司（以下简称"公司"）已于 2024 年 3 月 27 日披露了 公司 2023 年年度报告。为便于广大投资者更加全面、深入地了解公司 2023 年度 经营情况，现决定以视频和网络文字互动交流方式召开 2023 年度业绩说明会（以 下简称"说明会"），在信息披露允许的范围内就投资者普遍关注的问题进行回 答，欢迎广大投资者积极参与。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 4 月 12 日（星期五）下午 15:00-16:30 三、参加人员 公司董事长黄克兴先生，执行董事、总裁姜宗祥先生，执行董事、财务总监 侯秋燕先生，董事会秘书张瑞祥先生及独立董事姜省路先生将参加本次说明会。 四、投资者参加方式 （一）投资者可在 2024 年 4 月 12 日下午 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨青岛啤酒（ ） 600600.SH [青Ta岛b啤le_酒Ti2tl0e2] 3 年度年报点评：结构优化趋势延 续，公司分红持续提升 报告要点 [青Ta岛bl啤e_酒Su2m0m23ar年y]度实现营业总收入339.37亿元（同比+5.49%），归母净利润42.68亿元（同 比+15.02%），扣非净利润37.21亿元（同比+15.94%）。单看2023Q4，公司实现营业总收入 29.58亿元（同比-3.37%），归母净利润-6.4亿元（同比亏损扩大），扣非净利润-8.76亿元（同 比亏损扩大）。同时，公司2023年度的分红总额达27.28亿元（分红率约64%），超过去年内 ...

Investment Rating - The report maintains an "Outperform" rating for Tsingtao Brewery [3][6]. Core Views - The potential for structural upgrading continues, and increased dividends reflect confidence in the company's stability and future growth [4][5]. - The company achieved a revenue of Rmb 33.94 billion in 2023, a year-on-year increase of 5.5%, with a net profit attributable to the parent company of Rmb 4.27 billion, up 15.0% year-on-year [8]. Financial Performance - In Q4 2023, the company reported revenue of Rmb 2.96 billion, a decrease of 3.4% year-on-year, and a net profit of -Rmb 0.64 billion, down 15.0% year-on-year [4][8]. - The total sales volume for 2023 was 800.7 million hectoliters, a slight decline of 0.8% year-on-year, with Q4 sales volume dropping by 10.1% [4][5]. - The gross profit margin for 2023 was 38.7%, reflecting a year-on-year increase of 1.8 percentage points [5][7]. Sales and Pricing - The average selling price per ton increased by 6.4% to Rmb 4,172.1 per hectoliter, driven by a 4.2 percentage point increase in the proportion of mid-to-high-end products to 40.5% [4][5]. - The company expects sales growth to be stable in 2024, with a slight increase in average selling prices due to structural improvements [5][8]. Dividend Policy - The basic dividend payout ratio increased by 16% to 64%, indicating a commitment to returning value to shareholders [5][7]. Earnings Forecast - The expected EPS for 2024, 2025, and 2026 is Rmb 3.66, Rmb 4.26, and Rmb 4.86 respectively, with a target price maintained at Rmb 110 based on a 30x PE ratio for 2024 [5][8].