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]

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].

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]