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].

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 ...