Revenue and Profit - Revenue for the third quarter was RMB 8.89 billion, a decrease of 5.28% year-over-year[2] - Net profit attributable to shareholders for the first three quarters was RMB 4.99 billion, an increase of 1.67% year-over-year[4] - Total revenue for the first three quarters of 2024 was RMB 28,959,288,497, a decrease of 6.52% compared to RMB 30,978,047,855 in the same period of 2023[14] - Net profit attributable to the parent company's shareholders was RMB 4,989,889,602, an increase of 1.67% compared to RMB 4,907,707,530 in the same period of 2023[15] - Basic earnings per share for the third quarter were RMB 0.989, a decrease of 9.35% year-over-year[2] - Basic earnings per share increased by 1.52% to RMB 3.667 in the first three quarters of 2024, compared to RMB 3.612 in the same period of 2023[16] - Total comprehensive income for the first three quarters of 2024 was RMB 5,126,263,206, an increase of 2.41% compared to RMB 5,005,455,506 in the same period of 2023[16] Sales Volume and Product Performance - Total product sales volume for the first three quarters was 6.785 million kiloliters, with the main brand Tsingtao Beer accounting for 3.835 million kiloliters[4] - Sales volume of mid-to-high-end products reached 2.779 million kiloliters, with revenue per kiloliter increasing by 0.49% year-over-year[4] Cash Flow and Financial Position - Operating cash flow for the first three quarters was RMB 6.23 billion, an increase of 22.55% year-over-year[2] - Total assets as of the end of the reporting period were RMB 50.37 billion, an increase of 2.26% compared to the end of the previous year[3] - Equity attributable to shareholders was RMB 29.8 billion, an increase of 8.55% compared to the end of the previous year[3] - Total assets increased to 503.71 billion yuan as of September 30, 2024, compared to 492.56 billion yuan at the end of 2023[11][12] - Monetary funds rose to 21.68 billion yuan, up from 19.28 billion yuan at the end of 2023[11] - Trading financial assets grew to 3.47 billion yuan, compared to 1.92 billion yuan at the end of 2023[11] - Accounts receivable increased to 156.03 million yuan from 100.39 million yuan at the end of 2023[11] - Inventory decreased to 2.03 billion yuan from 3.54 billion yuan at the end of 2023[11] - Total current assets slightly decreased to 291.20 billion yuan from 296.12 billion yuan at the end of 2023[12] - Total non-current assets increased to 212.51 billion yuan from 196.44 billion yuan at the end of 2023[12] - Fixed assets grew to 112.13 billion yuan, up from 111.46 billion yuan at the end of 2023[12] - Intangible assets increased to 26.57 billion yuan from 24.93 billion yuan at the end of 2023[12] - Contract liabilities decreased to 54.44 billion yuan from 76.91 billion yuan at the end of 2023[12] - Total liabilities decreased by 6.2% to RMB 19,698,994,899 as of the end of Q3 2024, compared to RMB 21,001,264,174 at the end of 2023[13] - Undistributed profits increased by 11.12% to RMB 22,595,561,322 as of the end of Q3 2024, compared to RMB 20,334,065,296 at the end of 2023[13] - Sales revenue from goods and services received in cash for the first three quarters of 2024 was RMB 30.97 billion, a decrease from RMB 32.15 billion in the same period of 2023[17] - Total cash inflows from operating activities for the first three quarters of 2024 were RMB 31.93 billion, down from RMB 32.87 billion in the same period of 2023[17] - Net cash flow from operating activities for the first three quarters of 2024 increased to RMB 6.23 billion, up from RMB 5.08 billion in the same period of 2023[18] - Cash outflows for purchasing goods and accepting services in the first three quarters of 2024 decreased to RMB 13.67 billion from RMB 15.32 billion in the same period of 2023[17] - Cash payments for employee compensation in the first three quarters of 2024 were RMB 4.19 billion, slightly up from RMB 4.08 billion in the same period of 2023[18] - Net cash flow from investing activities for the first three quarters of 2024 was negative RMB 7.45 billion, compared to negative RMB 3.50 billion in the same period of 2023[18] - Cash payments for investments in the first three quarters of 2024 increased to RMB 13.09 billion from RMB 12.70 billion in the same period of 2023[18] - Net cash flow from financing activities for the first three quarters of 2024 was negative RMB 2.86 billion, similar to negative RMB 2.84 billion in the same period of 2023[18] - The net increase in cash and cash equivalents for the first three quarters of 2024 was negative RMB 4.07 billion, compared to negative RMB 1.25 billion in the same period of 2023[19] - The ending balance of cash and cash equivalents as of the end of the third quarter of 2024 was RMB 5.22 billion, down from RMB 11.59 billion at the end of the same period in 2023[19] Operating Costs and Expenses - Total operating costs for the first three quarters of 2024 were RMB 22,850,123,111, a decrease of 8.52% compared to RMB 24,978,263,085 in the same period of 2023[14] - R&D expenses increased by 60.6% to RMB 56,739,137 in the first three quarters of 2024, compared to RMB 35,319,783 in the same period of 2023[14] - Sales expenses decreased by 1.79% to RMB 3,420,705,236 in the first three quarters of 2024, compared to RMB 3,483,073,568 in the same period of 2023[14] - Financial income increased by 28.96% to RMB -433,974,719 in the first three quarters of 2024, compared to RMB -336,503,057 in the same period of 2023[14] Non-Recurring Items - Non-recurring gains and losses for the first three quarters amounted to RMB 303.7 million, primarily from government subsidies and financial asset gains[5] Return on Equity - Weighted average return on equity (ROE) for the third quarter was 4.63%, a decrease of 0.79 percentage points year-over-year[3]

证券研究报告|公司点评报告 [Table_Date] 2024 年 09 月 16 日 [Table_Title] 结构升级韧性仍在，盈利能力稳中有升 | --- | --- | --- | --- | |------------------|------------------------|-----------------------|------------| | [Table_DataInfo] | 评级： 买入 股票代码： | | 600600 | | 上次评级： 买入 | | 52 周最高价/最低价： | 91.3/53.94 | | 目标价格： | 总市值(亿) | | 736.12 | | 最新收盘价： | 53.96 | 自由流通市值 (亿) | 382.59 | | | | 自由流通股数(百万 ) | 709.03 | [Table_Summary] 事件概述 公司24H1营业收入200.68亿元，同比-7.1%，归母净利润36.42亿元，同比+6.3%，扣非归母净利润34.27 亿元，同比+6.15%。据此推算，公司 24Q2 营业收入 99.2 亿元，同比-8.89%，归母净利润 20 ...

丨证券研究报告丨 公司研究丨点评报告丨青岛啤酒（600600.SH） [Table_Title] 青岛啤酒 2024 年中报点评：量价有所承压，成 本红利持续兑现 | --- | --- | |-----------------------------------------------------------------------------------------|-------| | | | | | | | 营业总收入 200.68 亿元（同比 -7.06% ）；归母净利润 36.42 亿元（同比 +6.31% ）， | | 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 青岛啤酒（600600.SH） 相关研究 [Table_Title 青岛啤酒 2024 2] 年中报点评：量价有所承压，成 本红利持续兑现 [Table_Summary2] 事件描述 公司 2024H1 营业总收入 200.68 亿元（同比-7.06% ...

2024 年 09 月 03 日 评级 增持 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 57.05 | | 52 周价格区间（元） | 57.05-94.46 | | 总市值（百万） | 66263.40 | | 流通市值（百万） | 40450.22 | | 总股本（万股） | 136419.70 | | 流通股（万股） | 136410.10 | 涨跌幅比较 青岛啤酒 非白酒 -37% -27% -17% -7% 3% 13% 2023-09 2023-12 2024-03 2024-06 2024-09 % 1M 3M 12M 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 青岛啤酒 -15.10 -24.57 -36.74 非白酒 -8.59 -16.98 -33.78 1 青岛啤酒（600600.SH）2023 年年报点评：延 续中高端化趋势 2024-04-02 证券研究报告 公司点评 青岛啤酒(600600.SH) 食品饮料｜ 非白酒 ...

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer [2] Core Views - The company reported a total revenue of 20.068 billion yuan for the first half of 2024, a year-on-year decrease of 7.06%, while the net profit attributable to shareholders increased by 6.31% to 3.642 billion yuan [2][3] - The sales volume slightly declined, but the upgrade in product structure led to an increase in average selling price [3] - The company's profitability continues to improve, with gross margin and net margin both increasing in the first half of 2024 [4] Summary by Sections Financial Performance - In H1 2024, total revenue was 20.068 billion yuan, down 7.06% year-on-year, while net profit attributable to shareholders was 3.642 billion yuan, up 6.31% [2] - In Q2 2024, total revenue was 9.918 billion yuan, down 8.89% year-on-year, with net profit of 2.044 billion yuan, up 3.55% [2] Sales Volume and Product Structure - In H1 2024, beer sales volume was 4.63 million kiloliters, down 7.8% year-on-year, with the main brand Qingdao Beer sales at 2.61 million kiloliters, down 7.2% [3] - The proportion of mid-to-high-end products increased to 41.0%, up 1.6 percentage points year-on-year, contributing to a 1.0% increase in average selling price to 4.28 yuan per liter [3] Profitability - In H1 2024, the net profit margin was 18.15%, and the gross margin was 41.60%, both up year-on-year by 2.28 and 2.39 percentage points respectively [4] - In Q2 2024, the net profit margin was 20.61%, and the gross margin was 42.80%, both showing continued improvement [4] Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 4.594 billion, 4.956 billion, and 5.250 billion yuan respectively, with growth rates of 7.64%, 7.88%, and 5.95% [4]

公司报告 | 半年报点评 需求承压拖累吨价，成本红利释放保障盈利 公 司 公 告 ： 2024H1 营业收入 / 归 母 净 利 / 扣 非 归 母 净 利 分 别 为 200.68/36.42/34.27 亿元（同比-7.06%/+6.31%/+6.15%）。2024Q2 营业收入/ 归母净利 / 扣 非 归 母 净 利 分 别 为 99.18/20.44/19.14 亿元（同比 -8.89%/+3.55%/+1.87%）。 青岛啤酒（600600） 证券研究报告 2024 年 09 月 03 日 投资评级 行业 食品饮料/非白酒 6 个月评级 买入（维持评级） 当前价格 57.05 元 目标价格 元 高基数+餐饮疲软+主动控库存，Q2 销量承压。 分产品看，H1 销量 463 万千升，同比-7.8%；青岛品牌同比-7.2%，中高档 同比-4%（占比同比+1.6pct），类经典等中低档同比-15%，其他品牌销量同 比-8.6%。 Q2 总销量同比-8.0%，青岛品牌同比-8.7%、中高档同比-5.5%（占 比同比+1pct）、类经典同比-16.2%、其他品牌同比-7.3%。 需求+货折影响，Q2 吨收入负增 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company experienced a decline in revenue and beer sales in Q2 2024 due to high base effects and weak demand, with a total revenue of 20.068 billion yuan in the first half of 2024, down 7.1% year-on-year [5]. - Despite the revenue decline, the company's net profit increased by 6.3% year-on-year to 3.642 billion yuan in the same period, indicating improved profitability [5]. - The report anticipates a recovery in sales and profitability in the upcoming quarters, driven by cost reductions and effective expense management [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 20.068 billion yuan, a decrease of 7.1% year-on-year, while net profit reached 3.642 billion yuan, an increase of 6.3% [5]. - Q2 2024 saw a revenue of 9.918 billion yuan, down 8.9% year-on-year, with net profit at 2.044 billion yuan, up 3.6% [5]. - Beer sales in the first half of 2024 decreased by 7.2% year-on-year, with a volume decline of 7.8% and a price increase of 0.7% [5]. Cost and Profitability - The gross margin improved by 2.4 percentage points year-on-year to 41.6% in the first half of 2024, primarily due to declining raw material costs [5]. - The average cost per thousand liters of beer decreased by 3.4% in the first half of 2024 [5]. - The net profit margin increased to 18.1% in the first half of 2024, reflecting enhanced profitability [5][6]. Cash Flow and Liabilities - As of the end of Q2 2024, the company's contract liabilities stood at 5.560 billion yuan, a decrease of 3.4% year-on-year [6]. - The operating cash flow for Q2 2024 was 2.861 billion yuan, an increase of 2.7% year-on-year, indicating strong cash generation [6]. Earnings Forecast - The company is expected to have EPS of 3.44, 3.72, and 3.95 yuan per share for 2024, 2025, and 2026 respectively [6]. - The report assigns a PE ratio of 20-25 times for 2024, suggesting a fair value range of 68.79 to 85.99 yuan per share [6].

[ T able_StockInfo] 2024 年 08 月 30 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：59.45 元 青岛啤酒（600600）食品饮料 目标价：——元（6 个月） 销量阶段性承压，成本端持续改善 [Table_Summary 事件：公司发布] 2024 年中报，24H1 实现收入 200.7 亿元，同比-7.1%，实现 归母净利润 36.4元，同比+6.3%；其中 24Q2实现收入 99.2亿元，同比-8.9%， 实现归母净利润 20.4 亿元，同比+3.6%；公司利润端符合市场预期。 高基数+大环境影响下，Q2 量价均有所承压。量方面，公司 24Q2 实现啤酒销 量 244.6万吨，同比下降 8%；销量承压主要系去年同期存在高基数效应，叠加 Q2 以来餐饮消费复苏较为缓慢以及部分地区雨涝频发所致。分档次看，24Q2 主品牌实现销量 128.8万吨，同比-8.7%，其中中高端啤酒实现销量 93.6万吨， 同比-5.5%；其他品牌实现销量 116 万吨，同比-7.3%。价方面，因整体啤酒需 求恢复疲软拖累产品结构升级，公司整体吨价同比-0.9%至 4055 元/吨 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The beer industry landscape is clear and stable, with the company expected to continue benefiting from its base markets in Shandong and North China, despite short-term pressure on prices due to macroeconomic challenges [3] - The company reported a revenue of 20.068 billion yuan in the first half of 2024, a year-on-year decrease of 7.1%, while the net profit attributable to the parent company was 3.641 billion yuan, an increase of 6.3% year-on-year [1][2] - The company’s Q2 revenue slightly declined by 8.9% year-on-year to 9.918 billion yuan, with sales volume down by 8.0% to 2.45 million kiloliters [1] Summary by Sections Revenue and Profitability - In H1 2024, the company achieved a revenue of 20.068 billion yuan, down 7.1% year-on-year, and a net profit of 3.641 billion yuan, up 6.3% year-on-year [1] - The Q2 revenue was 9.918 billion yuan, reflecting an 8.9% decline year-on-year, with a sales volume of 2.45 million kiloliters, down 8.0% [1] - The average revenue per kiloliter was 4,055 yuan, a slight decrease of 0.9% year-on-year [1] Regional Performance - Revenue contributions from various regions in H1 2024 were as follows: Shandong (12.911 billion yuan, -4% YoY), North China (3.739 billion yuan, -8% YoY), East China (1.357 billion yuan, -17% YoY), South China (1.465 billion yuan, -10% YoY), Southeast (356 million yuan, -30% YoY), and other overseas regions (236 million yuan, -33% YoY) [1] - Shandong and North China showed profit growth of 19% and 11% year-on-year, respectively, while profits in East China and South China declined by 53% and 6% year-on-year [1] Cost and Margin Analysis - The company’s net profit margin improved to 20.6% in Q2 2024, up 2.5 percentage points year-on-year, with a gross margin of 42.8%, an increase of 2.7 percentage points year-on-year [2] - The cost per kiloliter decreased by 5.4% year-on-year, contributing to the improvement in gross margin [2] Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 3.29 yuan, 3.54 yuan, and 3.89 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 18, 17, and 15 [3]

青岛啤酒股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------|-----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | 特定对象调研 \n媒体采访 \n新闻发布会 现场参观 | 分析师会议 \n业绩说明会 \n路演活动 \n其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 境内外投资者 | | | 时间 | 202 4 年 8 月 30 | 日 15:00-16:00 | | 地点及会议召开方式 | 全景网"投资者关系互动平台"（ 网络文字互动 | https://ir.p5 ...