Investment Rating - The investment rating for Qingdao Beer is maintained at "Buy - A" with a target price of 110 CNY for the next six months, which corresponds to a PE ratio of 29 times for 2024 [2][6]. Core Views - The report indicates that Qingdao Beer achieved a revenue of 33.937 billion CNY in 2023, representing a year-on-year increase of 5.49%, while the net profit attributable to shareholders was 4.268 billion CNY, up 15.02% year-on-year [1][2]. - The company experienced a slight decline in sales volume, down 0.82% year-on-year to 8.007 million kiloliters, primarily due to a high base, a shorter summer season, and unexpected events [1][2]. - The report highlights a continued trend of product structure upgrading, with mid-to-high-end products seeing a sales increase of 10.5% year-on-year [1][2]. - Cost pressures are expected to ease, with a gross margin increase of 1.73 percentage points to 38.51% in 2023, and a forecast for improved profit margins due to better raw material supply and demand dynamics [1][2]. Financial Summary - The projected revenue growth rates for 2024-2026 are 6.6%, 6.7%, and 6.1%, respectively, while profit growth rates are expected to be 21.1%, 16.4%, and 9.7% [1][6]. - The company's net profit margin for 2023 was 12.58%, reflecting a year-on-year increase of 2.61 percentage points [1][2]. - The report provides a detailed financial forecast, including expected earnings per share (EPS) of 3.80 CNY for 2024 and a projected price-to-earnings (PE) ratio of 22.4 for the same year [4][6].

公 司 研 证券研究报告 究 ＃industryId＃ 啤酒 ＃investSuggestion＃ ＃ ＃d 青yCo 岛mp 啤any＃酒 （ 600600 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 还原年金计提后 23Q4 符合预期，升级韧性兑现 ange＃ ＃ createTime1＃ 2024年 3月 27 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 司 事件：青岛啤酒公布2023年年报，2023年实现营收339.37亿元，同比+5.49%， 日期 2024/3/27 归母净利润 42.68 亿元，同比+15.02%；其中 23Q4 实现营收 29.58 亿元，同 点 收盘价（元） 83.76 比-3.37%，归母净利润-6.40亿元，上年同期为-5.56亿元。 评 总股本（百万股） 1364.20 报 流通股本（百万股） 704.70 主品牌升级韧性兑现，核心市场稳健增长 净资产（百万元） 27449.48 2023 全年啤酒业务收入同比+5.39%(销量 800.7 万吨/同比-0.81%，吨价 告 4172.07 元 ...

Investment Rating - The report maintains a "Buy-A" investment rating for Qingdao Beer (600600.SH) [1][5] Core Views - The company continues to experience structural upgrades in its product offerings, with profit elasticity expected to be released in 2024 [1][4] - Despite a decline in sales volume in Q4 2023 due to external factors, the overall revenue for the year increased, supported by product upgrades [2][3] - The company is expected to recover sales gradually throughout 2024, aided by the upcoming summer Olympics and the easing of high base effects [2][4] Summary by Relevant Sections Sales Performance - In 2023, Qingdao Beer achieved a total beer sales volume of 8.01 million kiloliters, a year-on-year decrease of 0.81%. Q4 sales volume was particularly affected, dropping by 10.09% year-on-year [2] - The main brand, Qingdao, saw a sales volume of 4.56 million kiloliters in 2023, an increase of 2.74%, accounting for 57.0% of total sales [2] - The average selling price for beer in 2023 was 4,238 RMB per ton, reflecting a year-on-year increase of 6.34% [2] Financial Performance - For the fiscal year 2023, the company reported operating revenue of 33.937 billion RMB, a growth of 5.49% year-on-year, and a net profit attributable to shareholders of 4.268 billion RMB, up 15.02% year-on-year [3][5] - The gross margin improved to 38.66%, and the net margin reached 12.58%, both showing year-on-year increases [2][3] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 35.226 billion RMB, 36.800 billion RMB, and 38.344 billion RMB, respectively, with year-on-year growth rates of 3.8%, 4.5%, and 4.2% [5][7] - Net profit forecasts for the same years are 4.987 billion RMB, 5.754 billion RMB, and 6.537 billion RMB, with growth rates of 16.9%, 15.4%, and 13.6% [5][7]

Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 33,936,522,741, an increase of 5.5% compared to RMB 32,171,565,624 in 2022[4] - The net profit for the year was RMB 4,348,198,924, representing a growth of 14.2% from RMB 3,804,721,478 in the previous year[4] - The company reported a net profit attributable to shareholders of RMB 4,267,851,406 for 2023, compared to RMB 3,710,628,593 in 2022, reflecting an increase of about 15%[16] - Basic earnings per share for 2023 was RMB 3.139, up from RMB 2.736 in 2022, representing a growth of approximately 14.7%[16] - The company maintained a stable tax expense of RMB 1,398,208,378 for 2023, compared to RMB 1,201,419,808 in 2022, indicating an increase of approximately 16.4%[14] Assets and Liabilities - The company's total assets decreased to RMB 49,256,011,349 as of December 31, 2023, down from RMB 50,311,699,796 in 2022[3] - The total liabilities decreased to RMB 21,001,264,174, a reduction of 12.6% from RMB 24,039,387,261 in the previous year[3] - The total accounts receivable as of December 31, 2023, was RMB 2,952,827,066, down from RMB 3,463,768,573 in 2022, indicating a decrease of approximately 14.7%[8] - The total liabilities for 2023 were CNY 21,001,264,174, an increase from CNY 24,039,387,261 in 2022, showing a decrease of approximately 12.5%[25] Research and Development - Research and development expenses rose to RMB 100,637,006, an increase from RMB 62,954,899 in the previous year, highlighting a focus on innovation[4] - The company increased its investment in Qingdao Beer (Lianyungang) Co., Ltd. by RMB 212.2 million, raising its ownership to 56.09%[47] - A total investment of RMB 600 million has been made to establish a leading innovation platform for brewing technology, enhancing R&D capabilities[31] - The R&D innovation base project has a budget of approximately RMB 201.5 million, with an expected operational start within the year[47] Market Strategy and Expansion - The company plans to continue expanding its market presence and investing in new product development to drive future growth[2] - The company has expanded its international market presence, selling products in 120 countries and regions, enhancing its global brand influence[29] - The company aims to diversify its business strategy through new product launches and potential acquisitions to ensure long-term growth[33] - The company plans to enhance product quality and market expansion, aiming for continuous high-quality development by capitalizing on the domestic market's upgrading consumption trends[35] Product and Brand Development - The company achieved a product sales volume of 8.007 million kiloliters and a revenue of RMB 33.94 billion, representing a year-on-year growth of 5.59%[28] - The company's main brand, Tsingtao Beer, saw a sales volume of 4.56 million kiloliters, with mid-to-high-end products growing by 10.59% year-on-year[29] - The brand value of Tsingtao Beer was RMB 240.689 billion, maintaining its position as the top brand in the Chinese beer industry[30] - The company will implement a brand strategy combining Tsingtao Beer and Laoshan Beer to optimize its brand structure and enhance competitiveness in the mid-to-high-end market[36] Investment and Capital Projects - The company is investing approximately RMB 666.65 million in the new 1 million kiloliter pure draft beer base project, which has received construction planning approval[46] - The company plans to invest approximately RMB 1.35853 billion in the new 1 million kiloliter craft beer base and 2,500 tons whiskey project, with construction expected to start in March 2024[46] - A new company, Qingdao Beer (Weifang) Manufacturing Co., Ltd., was established with a registered capital of RMB 30 million for a new 600,000 kiloliter beer project, with a total investment budget of RMB 849.23 million[48] Corporate Governance and Shareholder Returns - The company has complied with corporate governance codes and will continue to maintain high standards in corporate governance practices[40] - The company proposed a cash dividend of RMB 2.00 per share for the fiscal year 2023, totaling an estimated RMB 2,728,393,576, pending shareholder approval[11] - The board recommends a final dividend of RMB 2.00 per share for the year ending December 31, 2023, subject to shareholder approval[39] Risks and Challenges - The company anticipates potential risks in the domestic beer market growth due to uncertainties in consumption and climate change[37] - The company is increasing investment in mid-to-high-end products and enhancing product quality and service to meet the growing consumer demand for high-quality products[38]

2023Q4均价增长强劲，费用上升导致利润承压 青岛啤酒（600600.SH）/饮 证券研究报告/公司点评 2024年3月27日 料制造 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：85.08 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 32,172 33,937 35,136 36,386 37,664 分析师：范劲松 增长率yoy% 7% 5% 4% 4% 4% 执业证书编号：S0740517030001 净利润（百万元） 3,711 4,268 5,099 5,798 6,378 电话：021-20315733 增长率yoy% 18% 15% 19% 14% 10% 每股收益（元） 2.72 3.13 3.74 4.25 4.67 Email：fanjs@zts.com.cn 每股现金流量 3.58 2.04 4.13 4.68 5.12 分析师：熊欣慰 净资产收益率 14% 15% 16% 17% 17% 执业证书编号：S0740519080002 P/E 31 ...

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer, with a target price of 107.74 CNY, corresponding to a PE of 28 for 2024 [5][7]. Core Views - Qingdao Beer achieved a revenue of 33.937 billion CNY in 2023, a year-on-year increase of 5.49%, while the beer sales volume was 8.01 million tons, down 0.81% year-on-year, indicating a price increase of 6.25% per ton [2][3]. - The company's main brand sales increased by 2.7% to 4.56 million tons, with mid-to-high-end products seeing a significant growth of 10.5%, now accounting for 71.05% of main brand sales [3]. - Cost improvements, particularly in barley prices, are expected to enhance profit margins, with a projected increase in gross margin by at least 1.29 percentage points if barley prices return to pre-anti-dumping levels [4]. Financial Summary - The forecast for net profit for 2024-2026 is adjusted to 5.249 billion CNY, 6.246 billion CNY, and 7.120 billion CNY respectively, with corresponding PE ratios of 22, 19, and 16 [5][6]. - The company reported a gross margin of 38.66% in 2023, an increase of 1.81 percentage points year-on-year, while the net profit margin rose to 12.81%, up 0.98 percentage points [4][10]. - The financial data indicates a steady growth trajectory, with revenue growth rates projected at 5% for 2024 and 4% for 2025 and 2026 [6][10].

青[Ta岛ble啤_Sto酒ckN（am6eR0p0tT6yp0e0] ） 公司研究/公司点评 高端化加速，盈利性提升 ——青岛啤酒 23 年报点评 [T投a资ble评_R级an：k]买 入（维持） 主要观点： 报告日期： 2024-03-27 [⚫T ab公le_司Su发m布ma2r0y]2 3年年报： ➢ 23Q4：收入29.6亿（-3.4%），归母净利润-6.4亿（-15.0%）。 [收Ta盘bl价e_（Ba元se）D ata] 85.08 ➢ 23年：收入339.4亿（+5.5%），归母净利润42.7亿（+15.0%）。 近12个月最高/最低(元) 122.19/68.35 ➢ 基本符合市场预期。 总股本（百万股） 1,364 流通股本（百万股） 1,360 ➢ 同时公司23年分红总额27.3亿，分红率64%。 流通股比例（%） 99.68 总市值（亿元） 1,161 ⚫ 高端化持续加速 流 通市值（亿元） 1,157 ➢ 量价拆分：23 年销量 801 万吨，同比-0.8%，吨价 4172 元/吨，同 [公Ta司ble价_C格ha与rt]沪 深300走势比较 比+6.2%；Q4量/价同比分别-10. ...

证 券 2024 年 03 月 27 日 研 究 分红比率提升，高端化升级行稳致远 报 告 —青岛啤酒（600600.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024年 03 月26 日，青岛啤酒发布 2023年度业绩报告。 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 投资要点 liaowz@cfsc.com.cn 基本数据 ▌ 毛销差扩大，高端化升级推升盈利能力 2024-03-26 当前股价（元） 85.08 公司 2023 年营收 339.37 亿元（同增 5.49%），归母净利润 总市值（亿元） 1161 42.68 亿元（同增 15.0%），业绩符合预期；2023 年毛利率 38.66%（同增 1.8pcts），净利率 12.81%（同增 1.0pct）； 总股本（百万股） 1364 销售费用率为 13.87%（同增 0.82pct），管理费用率为 流通股本（百万股） 705 4.48% （ 同 降 0.1pct ） ， 毛 销 差 为 24.79% （ 同 增 52周价格范围（元） 68.35-124.33 1 ...

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[青ITnaf 岛bol]e 啤_Ti酒tle]( 600600) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩略低于预期，景气修复可期 目标价格： 120.50 上次预测： 137.59 公 ——2023年年报业绩点评 当前价格： 85.08 司 訾猛(分析师) 姚世佳(分析师) 2024.03.27 更 021-38676442 021-38676912 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com yaoshijia@gtjas.com 证书编号 S0880513120002 S0880520070001 52周内股价区间（元） 68.35-124.33 报 总市值（百万元） 116,066 告 本报告导读： 总股本/流通A股（百万股） 1,364/705 流通 B股/H股（百万股） 0/655 业绩略低于预期，景气修复可期，结构升级延续，成本下行周期，预计2024-26年利 流通股比例 100% 润复合增速15%左右，维持“增持”评级。 日均成交量 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported a revenue of 33.94 billion yuan in 2023, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 4.27 billion yuan, up 15% from the previous year [5]. - The company plans to distribute a cash dividend of 2 yuan per share, resulting in a dividend payout ratio of 64% [5]. - The report highlights that the company has improved its gross margin to 38.66%, an increase of 1.81 percentage points year-on-year, driven by structural upgrades [3][5]. Financial Data Summary - **Revenue and Profit Forecasts**: - Total revenue for 2023 was 33.94 billion yuan, with projections of 35.91 billion yuan for 2024 and 37.93 billion yuan for 2025 [4]. - Net profit attributable to shareholders is forecasted to be 4.99 billion yuan in 2024 and 5.63 billion yuan in 2025 [4]. - **Earnings Per Share (EPS)**: - The EPS for 2023 was 3.13 yuan, with expectations of 3.66 yuan in 2024 and 4.13 yuan in 2025 [4]. - **Profitability Metrics**: - The company achieved a return on equity (ROE) of 15.5% in 2023, with projections of 16.2% for 2024 and 16.9% for 2025 [4]. - **Cost Structure**: - The company reported a cost per ton of 2,600 yuan in 2023, with a slight year-on-year increase of 3.3% [3]. Market Performance - The company's stock closed at 85.08 yuan as of March 26, 2024, with a price-to-earnings (P/E) ratio of 27 [2][5]. - The stock has seen a 52-week high of 125.65 yuan and a low of 67.56 yuan, indicating significant volatility [2]. Sales and Volume Insights - The company sold 8.007 million kiloliters in 2023, a slight decrease of 0.82% year-on-year, while the average price per ton increased by 6.34% to 4,238.36 yuan [5]. - The main brand's sales volume increased by 2.7% year-on-year, while sales of mid-to-high-end products grew by 10.5% [5]. Future Outlook - The report anticipates that the company will continue to optimize its product structure and improve profitability, with a focus on mid-to-high-end products [5]. - The company is expected to face challenges in the short term due to external demand weakness but is well-positioned for long-term growth [5].