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. ...

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 ...

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 ...

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].

Financial Performance - The company's operating revenue for 2023 was RMB 33,936,522,741, representing a 5.49% increase from RMB 32,171,565,624 in 2022[15] - The net profit attributable to shareholders for 2023 was RMB 4,267,851,406, a 15.02% increase compared to RMB 3,710,628,593 in 2022[15] - The basic earnings per share for 2023 were RMB 3.139, reflecting a 14.73% increase from RMB 2.736 in 2022[16] - The diluted earnings per share for 2023 were RMB 3.132, up 14.81% from RMB 2.728 in 2022[16] - The net profit after deducting non-recurring gains and losses for 2023 was RMB 3,720,724,776, a 15.94% increase from RMB 3,209,052,175 in 2022[15] - The total operating revenue amounted to 33,405,795 thousand RMB, while the operating cost was 20,540,617 thousand RMB[63] - The gross profit margin for beer products was 38.51%, with a year-on-year increase of 1.73 percentage points[30] - The company reported a significant increase in revenue, achieving a total of 12 billion RMB, representing a year-over-year growth of 15%[88] Cash Flow and Assets - The net cash flow from operating activities decreased by 43.07% to RMB 2,777,567,140 in 2023 from RMB 4,878,771,322 in 2022[15] - The total assets of the company at the end of 2023 were RMB 49,256,011,349, a decrease of 2.10% from RMB 50,311,699,796 at the end of 2022[15] - The net cash flow from operating activities decreased by 43.07% year-on-year, attributed to increased brand promotion and higher tax payments[28] - The company's total assets at the end of the period were significantly impacted by a 100% decrease in notes receivable, which was CNY 4,500 last year[43] Market and Sales Performance - The company sold 8.007 million kiloliters of products during the reporting period[22] - The sales volume of the main brand, Tsingtao Beer, increased by 2.7% to 4.56 million kiloliters, with mid-to-high-end products growing by 10.5%[22] - The company operates 57 wholly-owned and controlling breweries across 20 provinces in China, maintaining a leading market share in the domestic beer industry[23] - The company expanded its international market presence, selling products in 120 countries and regions[22] - The sales volume in Shandong region accounted for 68.45% of total sales revenue, with RMB 22.87 billion generated from this region[57] Research and Development - Research and development expenses surged by 59.86% year-on-year, reflecting increased investment in new product development[27] - The number of R&D personnel is 788, accounting for 2.49% of the total workforce[40] - The company invested RMB 600 million to establish a leading technology R&D center in the global brewing field[24] Corporate Governance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange regulations[81] - The company’s independent directors played a crucial role in reviewing and supporting board decisions on various matters, including financial reports and feasibility studies[80] - The company has not faced any major changes in competition or business operations that would affect its independence[81] Environmental Responsibility - The company is committed to ongoing monitoring and improvement of its wastewater management practices to align with national standards[128] - The company has established a mechanism for environmental protection and is classified as a key pollutant discharge unit[123] - The company reported wastewater treatment results with COD levels ranging from 8.06 to 2,776.23 mg/L, indicating compliance with environmental standards[129] - The company achieved a reduction of 290,500 tons in carbon dioxide equivalent emissions through various carbon reduction measures[146] - The company signed agreements for wastewater value-sharing projects with a total of 34 factories, contributing to resource utilization and carbon reduction[145] Shareholder Information - The total number of shares held by directors and senior management at the end of the reporting period was 826,934 shares, with a total pre-tax remuneration of 1.70 million yuan[86] - The total number of ordinary shareholders was 64,451, an increase from 60,995 at the end of the previous month, representing a growth of approximately 7.5%[185] - The top ten shareholders hold a total of 1,155,000,000 shares, accounting for 86.01% of the total shares, with the largest shareholder, Hong Kong Central Clearing Limited, holding 613,993,719 shares, or 45.01%[187] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 15%[88] - New product launches are expected to contribute an additional 1 billion RMB in revenue, with a focus on innovative beer flavors[89] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[88] Investment and Expansion - The investment budget for the new 1 million kiloliter pure draft beer base project at Qingdao Beer Second Factory is approximately RMB 666.65 million, with construction expected to start in March 2024[177] - The investment budget for the new 1 million kiloliter craft beer base and 2,500 tons whiskey project at Qingdao Beer Fifth Factory is approximately RMB 1.35853 billion, with a project team already established[177] - Qingdao Beer acquired 20% equity in Qingdao Beer (Anshan) Co., Ltd. for RMB 18.065 million, increasing its ownership to 80%[178] Employee Engagement and Development - The company has implemented a performance-based salary system, linking employee compensation to overall business performance, aiming to enhance productivity and employee income levels[110] - The company has organized 109 practical research projects throughout the year, focusing on key business challenges and enhancing employee skills[112] - The company has received over 70 national and provincial skill honors, reflecting its commitment to employee training and development[112]

业绩简评 3月 26 日，公司公告，23 年收入339.37 亿元，同比+5.49%；归 母净利 42.68 亿元，同比+15.02%；扣非净利 37.21 亿元，同比 +15.94%。23Q4 收入 29.58 亿元，同比-3.37%；归母净利润-6.40 亿元；扣非净利润-8.76 亿元。 经营分析 Q4 吨收入增速加速至 7.5%，销量承压、结构趋势向好。 23Q4 销量同比-10.1%，青岛/其他品牌/中高端销量同比-3.5%/- 20.6%/+6.4%，销量虽因视频舆论事件承压，但公司主动优化、顶 住压力实现升级（中高端占比+7pct）。 23 年啤酒销售800.7 万吨，同比-0.8%；啤酒吨价+6.3%到4172元。 分产品看，23 年青岛品牌/其他品牌同比+2.7%/-5.1%，中高档同 比+10.5%至 324 万吨（占比+4.1pct 至 40.5%），中低端同比-13%， 类经典向经典切换较顺利。23 年经典、白啤持续快速增长，新推 出的 1L 原浆、1L 水晶纯生高端生鲜产品通过新鲜直达模式满足消 费者对生鲜啤酒的需求。 人民币(元) 成交金额(百万元) 分区域看，23 年山东/华北/ ...

公司研 究 证 券研究 报 告 啤酒 2024年03月27日 青 岛啤酒（600600）2023年报点评 强 推 （维持） 目标价：105元 费用扰动业绩，高端化继续前行 当前价：85.08元 事项： 华创证券研究所  公司发布2023年年报，公司实现营业总收入339.4亿元，同增5.5%；实现归 证券分析师：欧阳予 母净利润42.7亿元，同增15.0%；扣非归母净利润为37.2亿元，同增16.0%； 单Q4公司实现营业总收入29.6亿元，同减3.4%；实现归母净利润-6.4亿元， 邮箱：ouyangyu@hcyjs.com 去年同期-5.6亿元；扣非归母净利润为-8.8亿元，去年同期-6.5亿元。此外， 执业编号：S0360520070001 公司继续维持高分红政策，每股派发现金2.0元，分红率达64%略超预期。 证券分析师：范子盼 评论： 邮箱：fanzipan@hcyjs.com  Q4 淡季受舆论事件影响，但中高端占比仍快速提升。23Q4 公司受视频舆论 执业编号：S0360520090001 事件影响销量同比-10.1%，但淡季结构升级仍在推进，单Q4主品牌销量占比 证券分析师：董广阳 提升 4 ...

Core Viewpoint - The company continues to implement a high-quality development strategy, focusing on technological innovation and digital transformation to enhance management efficiency and promote growth in high-end, intelligent, and green products [1][2]. Group 1: Financial Performance - 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 5.5% [1]. - The net profit attributable to shareholders reached RMB 4.27 billion, with a year-on-year increase of 15% [1]. - A cash dividend of RMB 2.00 per share (including tax) is proposed [1]. Group 2: Brand Strategy - The company continues to implement a dual-brand strategy with Tsingtao Beer as the main brand and Laoshan Beer as the national second brand, enhancing brand promotion through various marketing activities [1]. - The company focuses on improving brand connection with consumers and upgrading immersive brand experience models [1]. Group 3: Product Development - The company accelerates the development of its product portfolio, optimizing product structure and enhancing competitiveness in the mid-to-high-end market [1]. - Sales of mid-to-high-end products reached 3.24 million kiloliters, growing by 10.5% year-on-year [1]. - New products, including Tsingtao Beer 1-liter premium raw beer and 1-liter crystal pure draft beer, were launched to meet consumer demand for fresh beer [1]. Group 4: International Expansion - The company maintains a high-quality, high-price, and high-visibility positioning in international markets, expanding its distribution network to 120 countries and regions [1]. - The brand's international influence continues to grow, supported by a global strategic layout along the Belt and Road Initiative [1]. Group 5: Digital Transformation - The company views digital transformation as a key driver for high-quality development, implementing data-driven solutions to enhance operational efficiency [2]. - Initiatives include upgrading digital coverage in channels and supply chain networks, leading to breakthroughs in marketing digitalization [2]. Group 6: Innovation and Infrastructure - The company emphasizes innovation and the transition to new growth drivers, focusing on high-quality projects to support development [2]. - The establishment of large-scale, intelligent, and green factories is underway, including a 1 million kiloliter high-end specialty beer production base and a 250,000-ton high-end malt raw material base [2].

证券代码：600600 证券简称：青岛啤酒 公告编号：2024-006 青岛啤酒股份有限公司 第十届监事会第十五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 青岛啤酒股份有限公司（"公司"）第十届监事会（"监事会"）第十五次 会议（"本次会议"）于 2024 年 3 月 25 日在青岛以现场会议方式召开。公司已 于本次会议前按规定向全体监事发出书面通知，所有会议议案材料均在本次会议 召开前提交全体监事。本次会议应参与表决监事 5 人，实际现场出席监事 5 人。 本次会议的召集和召开符合《中华人民共和国公司法》等法律、行政法规、部门 规章、规范性文件和《青岛啤酒股份有限公司章程》的规定。 二、监事会会议审议情况 本次会议由公司监事会临时召集人李燕女士主持，经全体监事审议表决，通 过了以下议案： 1、审议通过公司 2023 年年度报告（包括经审计的财务报告）。 2、审议通过 2023 年度监事会工作报告。 3、审议通过公司 2023 年度利润分配预案。 4、审议通过聘任德勤华永会计师事务所 ...

公司代码：600600 公司简称：青岛啤酒 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程 度降低，根据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 二. 内部控制评价结论 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 □是 √否 2. 财务报告内部控制评价结论 青岛啤酒股份有限公司 2023 年度内部控制评价报告 青岛啤酒股份有限公司全体股东： 根据《企业内部控制基本规范》及 ...