Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a total revenue of 33.937 billion yuan in 2023, representing a year-on-year increase of 5.5%. The net profit attributable to the parent company was 4.268 billion yuan, up 15.02% year-on-year. The fourth quarter saw a revenue of 2.958 billion yuan, down 3.4% year-on-year, with a net loss of 640 million yuan compared to a loss of 556 million yuan in the same period last year [5][6] - The product structure continues to improve, with market share in core regions increasing. In 2023, beer sales volume decreased by 0.8% while the price per ton increased by 6.2%. The price growth was slightly faster than in 2022, indicating resilience in the premium beer segment. In Q4, sales volume dropped by 10.1% while the price per ton rose by 7.5% [5][6] - The gross profit margin improved significantly, reaching 38.7%, an increase of 1.81 percentage points year-on-year. This improvement is attributed to the continued premiumization of beer prices and a decrease in raw material cost pressures [5][6] Financial Performance Summary - The company achieved total revenue of 33.937 billion yuan in 2023, with a year-on-year growth of 5.5%. The net profit was 4.268 billion yuan, reflecting a 15.0% increase year-on-year. The earnings per share (EPS) for 2023 was 3.13 yuan, with projections of 3.59 yuan for 2024 [7][9] - The gross margin for 2023 was 38.7%, with expectations to rise to 40.8% in 2024. The net profit margin improved to 12.6% in 2023, with forecasts of 13.9% for 2024 [7][9] - The company plans to continue optimizing its brand structure and enhancing its competitive advantage in the mid-to-high-end market segments in 2024 [5][6]

Investment Rating - The investment rating for the company is "Add" [10] Core Views - The company achieved a revenue of 33.937 billion yuan in 2023, representing a year-on-year increase of 5.49%, and a net profit attributable to shareholders of 4.268 billion yuan, up 15.02% year-on-year [2][3] - Despite a decline in sales volume due to fluctuations in the domestic beer market, price increases have driven performance growth, with an average price per ton increasing by 6.34% to 4,238.42 yuan/ton in 2023 [3] - The company is focusing on optimizing its product structure, with a notable performance in mid-to-high-end products, which saw a sales volume increase of 10.50% year-on-year [3] Summary by Sections Financial Performance - In 2023, the company reported total beer sales of approximately 8.007 million kiloliters, a decrease of 0.81% year-on-year, with Q4 sales down 10.09% to 713,000 kiloliters [3] - The gross margin for 2023 was 38.66%, an increase of 1.81 percentage points year-on-year, while the net margin was 12.81%, up 0.98 percentage points [3] - The company’s sales expense ratio increased slightly to 13.87% in 2023, attributed to increased brand promotion and employee compensation [3] Product Development - The company is enhancing its product lineup with the "1+1+1+2+N" strategy, focusing on flagship products and high-end offerings, including the launch of new premium products [3][7] - The main brand achieved a sales volume of 4.56 million kiloliters in 2023, with mid-to-high-end products contributing significantly to revenue growth [3] Future Outlook - The company is expected to benefit from the recovery in on-premise consumption and a decrease in raw material costs, with projected net profits for 2024-2026 of 4.991 billion, 5.545 billion, and 6.183 billion yuan respectively [7][8] - The company maintains a leading position in brand value within the Chinese beer industry, with a brand value of 240.689 billion yuan in 2023 [7]

[Table_Title] 证券研究报告 毛利率持续改善，华东和华南利润高增 公司研究 2024年3月29日 [Table_ReportType] 公司点评报告 [Table_Summary] 事件：青岛啤酒发布2023年业绩，公司实现营收339.37亿元，同比+5.5%， [青Ta岛ble啤_S酒to(c6k0A0n6d0R0a)nk] 归母净利润42.68亿元，同比+15%。 投资评级 买入 点评： 上次评级 买入  Q4 销量略有下滑，但是结构持续改善。2023Q4 公司实现营业收入 29.58亿元，其中销量71万千升，同比-10.1%，千升酒收入4149元， [马Ta铮ble_Aut食ho品r]饮料行业首席分析师 同比+7.5%。分品牌看，2023Q4主品牌实现销量47万千升，同比-3.5%， 执业编号：S1500520110001 占比65.9%，副品牌实现销量24万千升，同比-20.6%，占比34.1%。 邮 箱：mazheng@cindasc.com 分价格带看，中高档及以上实现销量34万千升，同比-21.8%，中高档 及以下产品销量实现38万千升，同比+3.9%。  基地市场收入稳增长，华 ...

Group 1 - UBS has slightly lowered the target price for Qingdao Beer (00168) from HKD 62.75 to HKD 62.12, considering the increase in sales and marketing expenses [1] - The company reported a revenue of RMB 33.937 billion for 2023, which met expectations, while EBITDA and net profit were RMB 4.806 billion and RMB 4.268 billion respectively, slightly below expectations due to higher-than-expected sales and distribution expenses [1] - The management has not provided specific guidance for the future but emphasized that premiumization is the main trend in the Chinese beer industry [1] Group 2 - The sales volume for the second half of last year was 2.98 million tons, a year-on-year decrease of 11%, consistent with the decline in the third quarter of last year [1] - The total sales volume for the year slightly decreased to 8.01 million tons, underperforming the overall industry growth of approximately 0.3% [1] - Despite the decline in sales volume, the improvement in product mix accelerated the average price growth to 6.4%, compared to a 4.8% increase in 2022 [1]

2024年3月27日 公司研究 吨价提升明显，全年平稳收官 ——青岛啤酒（600600.SH）2023 年年报点评 买入（维持） 要点 当前价：83.76元 事件：23年公司实现营业收入339.4亿元，同比+5.5%；归母净利润42.7亿元， 作者 同比+15%；扣非归母净利润37.2亿元，同比+15.9%。其中，23Q4实现营业收入 分析师：陈彦彤 29.6亿元，同比-3.4%；归母净利润-6.4亿元，同比亏损扩大；扣非归母净利润-8.8 执业证书编号：S0930518070002 亿元，同比亏损扩大。 021-52523689 chenyt@ebscn.com 价增量减，结构升级顺利。 分析师：汪航宇 2023年公司实现啤酒收入334.06亿元，同比增长5.39%。拆分量价看，2023年 执业证书编号：S0930523070002 公司啤酒销量/吨酒价分别增长-0.8%/+6.2%。具体看产品，2023年公司主品牌青 021-52523174 岛啤酒共实现销量456万千升，yoy+2.7%；其他品牌实现销量345万千升， wanghangyu@ebscn.com yoy-5.1%，主品牌显示出稳健的增长势 ...

证券研究报告 公 2024年03月28日 司 报 告 青岛啤酒(600600) 行 业： 食品饮料/非白酒 │ 公 投资评级： 买入（维持） 司 当前价格： 83.76元 短期销量承压，结构升级延续 年 目标价格： 102.91元 报 点 事件： 评 基本数据 青岛啤酒发布 2023 年年报，2023 年公司营收为 339.37 亿元，同比增长 总股本/流通股本(百万股) 1,364.20/1,359.77 5.49%；归母净利润42.68亿元，同比增长15.02%。单四季度营收为29.58 流通A股市值(百万元) 59,025.54 亿元，同比下滑3.37%，归母净利润亏损6.40亿元。 每股净资产(元) 20.12 ➢ 短期销量承压，高端升级延续 资产负债率(%) 42.64 拆分量价来看，2023年公司啤酒总销量约800.7万千升，同比下滑0.82%； 一年内最高/最低(元) 125.65/67.56 单四季度销量为 71.3 万千升，同比下滑 10.09%。受益于高端升级，2023 年公司产品每升酒营业收入同比增长6.4%。分品牌来看，2023年青岛主品 股价相对走势 牌实现销量 456 万千升，同比 ...

食品饮料 | 证券研究报告 — 调整盈利预测 2024年3月28日 600600.SH 青岛啤酒 买入 全年量减价增，4Q23高端化战略加速推进 原评级：买入 市场价格:人民币 85.08 青岛啤酒披露 2023年年报，全年实现营收 339.4亿元，同比+5.5%，实现归母/扣非归母净利 润 42.7/37.2亿元，同比+15.0%/+15.9%。4Q23单季实现营收29.6亿元，同比-3.4%，实现归 板块评级:强于大市 母/扣非归母净利润-6.4/-8.8亿元，分别多亏0.8/2.2亿元。公司2023全年量减价增，山东基地 市场表现稳健。4Q23 加速推进高端化战略，销量承压。后续有望持续发力中高端市场，关注 澳麦双反取消带来的成本弹性。预计公司 24-26 年 EPS 为 3.66、4.19、4.73 元，同比分别 股价表现 +17.1%、+14.5%、+12.8%，维持买入评级。 支撑评级的要点 12%  2023全年量减价增，山东基地市场表现稳健。1）分量价来看，公司2023全年实现营收339.4 2% 亿元，同比+5.5%，销量/吨价分别同比-0.8%/+6.4%至 800.7万千升/4239元 ...

[Table_Header] 公司点评●非白酒 2024 年03月 27日 [Table_Title] [Table_StockCode] 青岛啤酒(600600) 全年角度增长逻辑未变 [Table_InvestRank] 推荐 (维持) --2023 年度业绩点评 核心观点： 分析师 [Table_Sum事m件ar：y]公司发布年报，2023 年实现收入 339 亿元，同比+5.5%；扣非归 [刘Ta来b珍le_Authors] 母净利 37.2 亿元，同比+15.9%。 ：021-20252647  Q4 利润低于预期：拆分 23Q4 来看，公司营收 29.6 亿元，同比-3.4%； ：liulaizhen_yj@chinastock.com.cn 扣非归母净利-8.8 亿元，亏损额比去年多增 2.2 亿元。Q4 利润比我们 分析师登记编码：s0130523040001 预期低一些，主要因 Q4 销售费用和管理费用比我们预期高。Q4 销售 费用高因去年 10 月舆情事件加大了品宣投入，以及低端产品萎缩也拉 低了费效比。Q4 管理费用高因公司根据国家政策于 2023/10/1 开始实 [市Ta场b ...

证券研究报告 | 2024年03月27日 青岛啤酒（600600.SH） 买入 结构升级韧性凸显，基础分红比例提升 核心观点 公司研究·财报点评 事件：青岛啤酒公布2023年年报，全年实现营业总收入339.37亿元，同比+5.5%； 食品饮料·非白酒 实现归母净利润42.68亿元，同比+15.0%。其中，2023年第四季度实现营业总收入 证券分析师：张向伟 证券分析师：杨苑 29.58亿元，同比-3.4%；实现归母净利润-6.40亿元，同比-15.0%。 021-60933131 021-60933124 zhangxiangwei@guosen.com.cnyangyuan4@guosen.com.cn 中高档产品销量同比+10.6%，总销量虽下滑但结构升级韧性凸显。2023年实现啤酒 S0980523090001 S0980523090003 业务收入334.06亿元，同比+5.4%。拆分量价来看，2023年公司销量800.7万千升， 基础数据 同比-0.8%，主要受到下半年销量增长表现较弱的拖累。虽销量有所承压，公司销售 投资评级 买入(维持) 合理估值 均价表现良好，全年啤酒销售均价同比+6.3%，其 ...

食品饮料/非白酒 公 司 研 青岛啤酒（600600.SH） 结构持续升级，分红率明显提升 究 2024年03月28日 ——公司信息更新报告 投资评级：增持（维持） 张宇光（分析师） 方勇（分析师） zhangyuguang@kysec.cn fangyong@kysec.cn 证 书编号：S0790520030003 证书编号：S0790520100003 日期 2024/3/28 当前股价(元) 84.14  收入稳定增长，分红率提高 公 一年最高最低(元) 125.65/67.56 2023 年公司营收 339.4 亿元，同比+5.49%；扣非前后归母净利润 42.7、37.2 亿 司 元，同比+15.02%、+15.94%。2023Q4营收29.6亿元，同比-3.37%；扣非前后归 信 总市值(亿元) 1,147.84 息 流通市值(亿元) 592.93 母净利润亏 6.4、亏 8.8 亿元，同比亏损有所扩大。公司拟分红每股股利 2 元， 更 总股本(亿股) 13.64 本次分红率63.9%。因消费力下降、餐饮需求疲软，我们下调2024-2025年归母 新 报 流通股本(亿股) 7.05 净利润预测 ...