Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Qingdao Beer [1] Core Views - The company reported Q1 2024 earnings that exceeded expectations, with a significant improvement in profit margins [1][3] - The sales volume of mid-to-high-end products continues to increase, contributing to a rise in average selling price [3] - Raw material costs have decreased, and product structure upgrades have led to a substantial increase in gross margin [3] - The company is expected to maintain a steady sales rhythm with a focus on core product development and cost control, leading to profit growth outpacing revenue growth [3] Financial Performance Summary - Q1 2024 total revenue reached 10.15 billion yuan, a year-over-year decrease of 5.2%, while net profit attributable to shareholders was 1.6 billion yuan, an increase of 10.1% [2][3] - The sales volume for Q1 2024 was 2.184 million kiloliters, down 7.6% year-over-year, but the sales of mid-to-high-end products accounted for 44.0% of total sales, up 2.3 percentage points [3] - The gross margin for Q1 2024 was 40.4%, an increase of 2.1 percentage points year-over-year, driven by lower raw material costs and product upgrades [3] - The company expects a profit growth rate of 12% CAGR from 2024 to 2026, with net profit forecasts adjusted to 5.1 billion, 5.7 billion, and 6.4 billion yuan for 2024, 2025, and 2026 respectively [2][3]

公司研 究 证券研究报告 啤酒 2024年04月29日 青 岛啤酒（600600）2024年一季报点评 强 推 （维持） 目标价：105元 成本红利兑现，业绩略超预期 当前价：79.31元 事项： 华创证券研究所  公司发布 2024年一季报，2024年 Q1公司实现营业总收入 101.5亿元，同比- 证券分析师：欧阳予 5.2%；实现归母净利润 16.0 亿元，同比+10.1%；实现扣非归母净利润 15.1 亿元，同比+12.1%。 邮箱：ouyangyu@hcyjs.com 评论： 执业编号：S0360520070001 证券分析师：范子盼  高基数下总量承压，结构升级趋势不改。量价拆分看，24Q1公司实现啤酒销 量 218.4 万千升，同比-7.6%，主要系去年同期疫后消费高涨及公司销售节奏 邮箱：fanzipan@hcyjs.com 前置发力导致基数较高。但结构升级趋势不改，主品牌/中高端以上分别实现 执业编号：S0360520090001 销量 132.2/96 万千升，同比-5.6%/-2.4%，占比同增 1.2/2.3pcts 至 60.5%、 证券分析师：董广阳 44.0%，表现优于整体销 ...

证 券 2024 年 04 月 29 日 研 究 毛销差同比扩大，释放业绩弹性 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 04 月 29 日，青岛啤酒发布 2023 年一季度业绩报 sunss@cfsc.com.cn 告。 分析师：廖望州 S1050523100001 liaowz@cfsc.com.cn 投资要点 基本数据 2024-04-29 ▌ 毛销差扩大，高端化升级推升盈利能力 当前股价（元） 79.31 总市值（亿元） 1082 公司 2024 年一季度营收 101.50 亿元（同比-5.19%），归母 净利润 15.97 亿元（同比+10.06%），扣非归母净利润为 总股本（百万股） 1364 15.13 亿元（同比+12.11%）。2024 年一季度毛利率为 流通股本（百万股） 705 40.44% （ 同 比 +2.12pcts ） ， 净 利 率 15.99% （ 同 比 52周价格范围（元） 68.35-112.15 +2.23pcts）；销售费用率为 12.83%（同比-1.02pcts），管 ...

Financial Performance - Revenue for the first quarter of 2024 was RMB 10.15 billion, a decrease of 5.19% year-over-year[4] - Net profit attributable to shareholders of the listed company was RMB 1.597 billion, an increase of 10.06% year-over-year[4] - Net profit for the first quarter of 2024 was 1.62 billion RMB, compared to 1.47 billion RMB in the same period last year[18] - Operating income for the first quarter of 2024 was 10.15 billion RMB, down from 10.71 billion RMB in the same period last year[17] - Basic earnings per share were RMB 1.175, an increase of 9.71% year-over-year[4] - Basic earnings per share (EPS) for the first quarter of 2024 was 1.175 RMB, up from 1.071 RMB in the same period last year[19] - Weighted average return on equity (ROE) was 5.65%, an increase of 0.12 percentage points[4] Cash Flow and Liquidity - Net cash flow from operating activities was RMB 2.853 billion, an increase of 57.29% year-over-year[4] - Net cash flow from operating activities increased by 57.3% to 2,853,166,067 yuan in Q1 2024 from 1,813,957,743 yuan in Q1 2023[21] - Total cash inflow from operating activities reached 10,020,892,260 yuan in Q1 2024, up 7.5% from 9,325,415,046 yuan in Q1 2023[21] - Cash outflow for purchasing goods and services decreased by 5.6% to 3,776,378,876 yuan in Q1 2024 from 4,000,150,030 yuan in Q1 2023[21] - Cash payments for investments surged to 7,200,000,000 yuan in Q1 2024, a 12.7% increase from 6,386,109,500 yuan in Q1 2023[21] - Net cash flow from investment activities was -5,925,636,971 yuan in Q1 2024, compared to -4,190,214,856 yuan in Q1 2023[21] - Cash and cash equivalents at the end of Q1 2024 stood at 6,183,503,443 yuan, a 40.8% decrease from 10,444,423,063 yuan at the end of Q1 2023[22] - Cash payments for employee compensation increased by 4.5% to 1,392,868,601 yuan in Q1 2024 from 1,333,509,933 yuan in Q1 2023[21] - Tax payments decreased by 17.2% to 1,135,815,605 yuan in Q1 2024 from 1,370,839,687 yuan in Q1 2023[21] - Cash received from disposal of fixed assets and intangible assets dropped significantly to 7,273,212 yuan in Q1 2024 from 586,174,150 yuan in Q1 2023[21] Sales and Product Performance - Total product sales volume for the first quarter was 2.184 million kiloliters, with the main brand Tsingtao Beer contributing 1.322 million kiloliters[5] - Sales volume of mid-to-high-end products reached 960,000 kiloliters[5] - Sales of goods and services received cash of 9,622,455,676 yuan in Q1 2024, a 5.2% increase from 9,149,118,050 yuan in Q1 2023[20] Assets and Liabilities - Total assets increased by 2.44% to RMB 50.459 billion compared to the end of the previous year[5] - Total assets increased to 50.46 billion RMB, up from 49.26 billion RMB in the previous period[15] - Equity attributable to shareholders of the listed company increased by 5.89% to RMB 29.068 billion[5] - Total equity increased to 29.85 billion RMB from 28.25 billion RMB[16] - Total liabilities decreased to 20.61 billion RMB from 21.00 billion RMB[16] - Contract liabilities decreased to 5.94 billion RMB from 7.69 billion RMB[15] - The company's monetary funds increased to RMB 21.60 billion as of March 31, 2024, compared to RMB 19.28 billion at the end of 2023[13] - Trading financial assets rose to RMB 3.04 billion in Q1 2024, up from RMB 1.92 billion at the end of 2023[14] - Inventory decreased to RMB 2.51 billion in Q1 2024 from RMB 3.54 billion at the end of 2023[14] - Total current assets reached RMB 30.11 billion as of March 31, 2024, compared to RMB 29.61 billion at the end of 2023[14] - Fixed assets stood at RMB 10.95 billion as of March 31, 2024, slightly down from RMB 11.15 billion at the end of 2023[14] - Construction in progress increased to RMB 603.06 million in Q1 2024 from RMB 498.57 million at the end of 2023[14] - Intangible assets grew to RMB 2.62 billion as of March 31, 2024, up from RMB 2.49 billion at the end of 2023[14] - Deferred tax assets rose to RMB 2.14 billion in Q1 2024 from RMB 2.03 billion at the end of 2023[14] - The company's total non-current assets increased to RMB 19.05 billion as of March 31, 2024, compared to RMB 18.13 billion at the end of 2023[14] Investments and Acquisitions - The company acquired a 20% stake in Qingdao Beer (Anshan) Co., Ltd. for RMB 18.065 million, increasing its ownership to 80%[12] Expenses and Costs - Research and development expenses increased to 17.83 million RMB from 10.70 million RMB[18] - Sales expenses decreased to 1.30 billion RMB from 1.48 billion RMB[18] - Financial expenses showed a net income of 141.21 million RMB, compared to 102.26 million RMB in the same period last year[18] Government Subsidies - Government subsidies received during the period amounted to RMB 94.924 million[6]

公 价格提升驱动增长 盈利能力获得提升 司 研 ——青岛啤酒（600600.SH）年报点评 食品饮料/非白酒 究 事件： 公司发布 2023年度年报，全年实现营收/归母净利润 339.37/42.68亿元，同 评级 买入 比增长5.49%/15.02%。其中Q4实现营收29.58亿元、同比下滑3.37%，归 2024年04月08日 母净利润-6.4 亿元，较同期（22Q4 归母净利润-5.56 亿元）亏损加大。业绩 符合市场预期。 徐广福 分析师 投资摘要： SAC执业证书编号：S1660524030001 主品牌组合发展提升产品结构，千升酒价提升趋势延续，23年4季度销量短 年 期承压。23年全年销量801万千升，同比下滑0.82%，千升酒价4170元/千 报 升、同比增长 6.18%，全年千升酒价提高为业绩增长驱动力。全年青岛品牌/ 其他品牌销量分别为 456 万/345 万千升，同比增长 2.67%/下滑 5.08%。青 交易数据 时间 2024.4.8 点 岛品牌实现营收 232.63亿元，其他品牌实现营收 101.43亿元，青岛品牌/其 总市值/流通市值（亿元） 1,063.39/549.31 他品 ...

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].