Investment Rating - Strongly Recommended (Maintain) with a target price of 89 CNY and a current stock price of 76.53 CNY [3] Core Views - The company is expected to recover in 2025 due to improved operating conditions following a leadership transition and a resurgence in dining traffic, which will enhance revenue and profitability [1][6] - The company faced external demand pressures in 2024, leading to adjustments in delivery schedules to manage channel inventory, while maintaining stable growth through cost and expense control [6] Financial Data Summary - Total Revenue (CNY million): - 2023: 33,937 - 2024: 32,138 (YoY -5%) - 2025E: 33,278 (YoY +4%) - 2026E: 34,327 (YoY +3%) - 2027E: 35,256 (YoY +3%) [2][13] - Operating Profit (CNY million): - 2023: 5,737 - 2024: 5,843 (YoY +2%) - 2025E: 6,504 (YoY +11%) - 2026E: 7,040 (YoY +8%) - 2027E: 7,551 (YoY +7%) [2][13] - Net Profit Attributable to Shareholders (CNY million): - 2023: 4,268 - 2024: 4,345 (YoY +2%) - 2025E: 4,830 (YoY +11%) - 2026E: 5,224 (YoY +8%) - 2027E: 5,598 (YoY +7%) [2][13] - Earnings Per Share (CNY): - 2023: 3.13 - 2024: 3.19 - 2025E: 3.54 - 2026E: 3.83 - 2027E: 4.10 [2][14] Key Financial Ratios - PE Ratio: - 2023: 24.5 - 2024: 24.0 - 2025E: 21.6 - 2026E: 20.0 - 2027E: 18.6 [2][14] - PB Ratio: - 2023: 3.8 - 2024: 3.6 - 2025E: 3.4 - 2026E: 3.2 - 2027E: 3.0 [2][14] - Return on Equity (ROE): - 2023: 16.1% - 2024: 15.4% - 2025E: 16.1% - 2026E: 16.4% - 2027E: 16.6% [2][14]

买入（维持） 2024Q4 营收环比改善，成本红利带动盈利提升 青岛啤酒（600600）2024 年年报点评 2025 年 3 月 31 日 投资要点： 事件：公司发布2024年年报。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 股价走势 资料来源：同花顺，东莞证券研究所 公 司 研 究 公 司 点 评 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 主要数据 食品饮料行业 2025 年 3 月 28 日 收盘价(元) 76.53 总市值（亿元） 1044 总股本(亿股) 13.64 流通股本(亿股) 13.64 ROE（TTM） 14.95% 12 月最高价(元) 86.18 12 月最低价(元) 53.20 相关报告 证 券 研 究 报 告 请务必阅读末页声明。 2 ◼ 公司2024Q4营收环比改善。2024年，公司实现营业总收入321.38亿元， 同比下降5.30%；实现归母净利润4 ...

Core Viewpoint - The beer industry in China is experiencing a decline in sales volume, with major players facing challenges, while some smaller brands are showing growth in both sales and profitability [1][2][4]. Sales Performance - In 2024, major beer companies in China reported sales volume changes: Budweiser APAC down 11.8%, Qingdao Beer down 5.86%, China Resources Beer down 2.5%, Chongqing Beer down 0.75%, Yanjing Beer up 1.6%, and Zhujiang Beer up 2.62% [2][4]. - The overall beer production in China decreased by 0.6% in 2024, indicating a decline in consumer sentiment towards daily fast-moving consumer goods [2]. Market Dynamics - The gap in market share among major players has narrowed, with leading companies like China Resources, Qingdao, and Budweiser all experiencing declines in revenue and sales, while Yanjing and Zhujiang have continued to grow beyond industry levels [4]. - Zhujiang Beer saw a nearly 37% increase in net profit, while Yanjing Beer’s net profit surged by over 50% [4]. Premiumization Trends - Yanjing Beer achieved total sales exceeding 4 million kiloliters in 2024, with its flagship product Yanjing U8 selling close to 700,000 kiloliters, marking a growth rate of over 30% for two consecutive years [5]. - Zhujiang Beer reported a nearly 14% increase in sales of high-end beer products in 2024 [5]. Challenges for Leading Brands - Budweiser APAC faced a 1.4% decline in revenue per hectoliter in China, while Qingdao Beer’s sales of mid-to-high-end products dropped by 2.65% [6]. - Despite overall revenue and sales declines, leading beer companies emphasize that their premium products continue to grow, with China Resources Beer reporting that mid-range and above beer sales exceeded 50% of total sales for the first time [7]. Pricing and Profitability - The ton price for major brands in 2024 was as follows: China Resources Beer over 3,300 yuan, Qingdao Beer over 4,200 yuan, Budweiser APAC over 5,300 yuan, Chongqing Beer over 5,200 yuan, while Yanjing and Zhujiang Beer were around 3,100 yuan and 3,800 yuan respectively [9]. - Despite slight revenue declines, China Resources and Qingdao Beer still reported revenues exceeding 36 billion yuan and 32 billion yuan respectively, indicating a significant lead over smaller competitors [11]. Future Outlook - The beer industry, while facing volume declines, still has potential for slow growth if price increases can outpace volume decreases [11].

证券研究报告·公司点评报告·食品饮料 [Table_Tag] [Table_Summary] 投资要点 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 邓洁 执业证书：S0600525030001 dengj@dwzq.com.cn 股价走势 青岛啤酒（600600） 2024 年报点评：轻装上阵，量价企稳 2025 年 03 月 31 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 33937 | 32138 | 33968 | 35492 | 36862 | | 同比（%） | 5.49 | (5.30) | 5.69 | 4.49 | 3.86 | | 归母净利润（百万元） | 4268 | 4345 | 4857 | 5255 | 5675 | | 同比（%） | 15.02 | 1.81 | 11.78 | 8.19 | 7.99 | | EP ...

Group 1: Company Performance - Jin Sanjiang achieved a revenue of 386 million yuan in 2024, a year-on-year increase of 30.96%, with a net profit of 53.38 million yuan, up 52.54% [1] - Zhongqi Co. reported a revenue of 2.422 billion yuan in 2024, a slight increase of 1.35%, but a net profit decline of 93.88% to 11.72 million yuan [1][2] - Xizi Clean Energy's revenue was 6.437 billion yuan, down 20.33%, while net profit surged 705.74% to 440 million yuan [3] - Shensi Electronics reported a revenue of 912 million yuan, up 119.86%, with a net profit of 16.30 million yuan, an increase of 123.51% [4] - Yong'an Forestry faced a revenue drop of 53.39% to 323 million yuan, resulting in a net loss of 85.04 million yuan [6] - Yangjie Technology achieved a revenue of 6.033 billion yuan, up 11.53%, with a net profit of 1.002 billion yuan, an increase of 8.50% [8] - Yayi Technology's revenue was 296 million yuan, up 87.22%, but net profit fell 40.49% to 1.12 million yuan [10] - Xiaosong Co. reported a revenue of 1.529 billion yuan, down 4.70%, with a net loss of 225 million yuan [11] - Wantong Expressway achieved a revenue of 7.092 billion yuan, up 6.94%, with a net profit of 1.669 billion yuan, an increase of 0.55% [13] - Hisense Visual reported a revenue of 58.53 billion yuan, up 9.17%, with a net profit of 2.246 billion yuan, an increase of 7.17% [14] - Heng Rui Medicine achieved a revenue of 27.985 billion yuan, up 22.63%, with a net profit of 6.337 billion yuan, an increase of 47.28% [15] - Qingdao Beer reported a revenue of 32.138 billion yuan, down 5.30%, with a net profit of 4.345 billion yuan, an increase of 1.81% [17] - Aikodi achieved a revenue of 6.746 billion yuan, up 13.24%, with a net profit of 940 million yuan, an increase of 2.86% [18] - Sifang Co. reported a revenue of 6.951 billion yuan, up 20.86%, with a net profit of 716 million yuan, an increase of 14.09% [19] - China Petroleum achieved a revenue of 2.94 trillion yuan, down 2.5%, with a net profit of 164.684 billion yuan, an increase of 2.0% [19] - Xinyaqiang reported a revenue of 721 million yuan, up 6.71%, but a net profit decline of 7.36% to 114 million yuan [20] Group 2: Dividend Proposals - Jin Sanjiang proposed a cash dividend of 1.70 yuan per 10 shares [1] - Zhongqi Co. proposed a cash dividend of 0.50 yuan per 10 shares [1] - Xizi Clean Energy proposed a cash dividend of 2.00 yuan per 10 shares [3] - Shensi Electronics did not specify a dividend proposal [4] - Yong'an Forestry did not specify a dividend proposal [6] - Yangjie Technology proposed a cash dividend of 4.00 yuan per 10 shares [8] - Yayi Technology proposed a cash dividend of 5.00 yuan per 10 shares and a capital reserve increase of 3 shares for every 10 shares [10] - Xiaosong Co. did not specify a dividend proposal [11] - Wantong Expressway proposed a cash dividend of 6.04 yuan per 10 shares [13] - Hisense Visual proposed a cash dividend of 8.80 yuan per 10 shares [14] - Heng Rui Medicine proposed a cash dividend of 2.00 yuan per 10 shares [15] - Qingdao Beer proposed a cash dividend of 2.20 yuan per share [17] - Aikodi proposed a cash dividend of 3.00 yuan per 10 shares [18] - Sifang Co. proposed a cash dividend of 7.20 yuan per 10 shares [19] - China Petroleum proposed a cash dividend of 0.25 yuan per share [19] - Xinyaqiang proposed a cash dividend of 0.40 yuan per share [20]

Investment Rating - The report maintains a "Strong Buy" rating for Qingdao Beer, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Views - The company has shown signs of stabilization and is expected to accelerate growth. The new leadership and macroeconomic policies are anticipated to improve consumption opportunities [2][8]. - The company reported a total revenue of 32.14 billion yuan for 2024, a year-on-year decrease of 5.3%, while the net profit attributable to shareholders was 4.345 billion yuan, an increase of 1.8% [2][4]. - The company plans to distribute a cash dividend of 2.20 yuan per share, totaling 3.001 billion yuan, with a dividend payout ratio increased by approximately 5 percentage points to 69% [2][4]. Financial Summary - **2024 Financial Performance**: - Total revenue: 32.14 billion yuan, down 5.3% year-on-year - Net profit: 4.345 billion yuan, up 1.8% year-on-year - Non-recurring net profit: 3.95 billion yuan, up 6.2% year-on-year - Q4 revenue: 3.18 billion yuan, up 7.4% year-on-year [2][4][9] - **Future Projections**: - Expected revenue for 2025: 33.639 billion yuan, with a growth rate of 4.7% - Expected net profit for 2025: 4.875 billion yuan, with a growth rate of 12.2% [4][12] - **Valuation Metrics**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 21 times - Price-to-Book (P/B) ratio for 2025 is projected at 3.4 times [4][12] Market Position and Strategy - The company has completed inventory destocking, positioning itself for a strong start in 2025 with a low base effect. The new chairman is expected to enhance sales focus and improve product mix flexibility [2][8]. - The company anticipates a double-digit growth in profits for 2025, driven by cost advantages and improved sales performance [2][8].

Core Viewpoint - The beer industry in China is experiencing a decline in sales and revenue, with major players facing challenges in maintaining growth, while some smaller brands are gaining market share and profitability [1][3]. Group 1: Company Performance - Qingdao Beer reported a revenue of 32.138 billion yuan in 2024, a year-on-year decline of 5.3%, with a net profit of 4.345 billion yuan, an increase of 1.8%, and sales volume of 7.538 million kiloliters, down 5.86% [1]. - Among the five major beer companies, four experienced a decline in sales last year, with Budweiser APAC down 11.8%, Qingdao Beer down 5.86%, China Resources Beer down 2.5%, and Chongqing Beer down 0.75% [1]. - Yanjing Beer and Zhujiang Beer were exceptions, with Yanjing Beer growing by 1.6% and Zhujiang Beer by 2.62% [1]. Group 2: Market Dynamics - The market share gap among major players has narrowed, with leading companies like China Resources, Qingdao, and Budweiser all facing revenue and sales declines, while Yanjing and Zhujiang continue to grow beyond industry levels [3]. - Yanjing Beer achieved total sales exceeding 4 million kiloliters in 2024, with its flagship product Yanjing U8 seeing sales close to 700,000 kiloliters, growing over 30% for two consecutive years [3]. - Zhujiang Beer reported a nearly 14% increase in high-end beer product sales year-on-year, with net profit rising by nearly 37% [3]. Group 3: Pricing and Profitability - Despite overall revenue and sales declines, leading beer companies emphasize growth in their premium products, with China Resources reporting that mid-range and above beer sales accounted for over 50% of its total sales [3]. - The average price per ton for China Resources Beer exceeded 3,300 yuan, Qingdao Beer over 4,200 yuan, Budweiser APAC over 5,300 yuan, and Chongqing Beer over 5,200 yuan, while Yanjing and Zhujiang's prices were around 3,100 yuan and 3,800 yuan respectively [5]. - The leading companies still maintain significant revenue advantages, with China Resources and Qingdao Beer generating revenues of over 36 billion yuan and 32 billion yuan respectively, while Chongqing Beer, Yanjing Beer, and Zhujiang Beer reported revenues of 14.6 billion yuan, less than 13 billion yuan, and 5.7 billion yuan respectively [7].

Group 1: Qingdao Beer - Qingdao Beer reported a revenue of 32.14 billion yuan in 2024, a year-on-year decrease of 5.3% [1] - The net profit attributable to shareholders was 4.34 billion yuan, reflecting a year-on-year increase of 1.8% [1] - The company plans to distribute a cash dividend of 2.2 yuan per share, totaling approximately 3 billion yuan, which represents 69.07% of the net profit [1] Group 2: Moutai Market Research - Moutai completed its first quarter market research, indicating a stable growth in sales of Moutai and sauce-flavored liquor across various provinces [2] - Feedback from channel partners highlighted that the overall market performance showed steady growth, laying a solid foundation for achieving annual sales targets [2] - Moutai's strong market performance is expected to positively influence the high-end liquor sector and enhance overall market expectations [2] Group 3: Collaboration in Guizhou Liquor Industry - Executives from Moutai, Xijiu, and Guotai visited Guizhou Zhenjiu, emphasizing collaboration within the Guizhou liquor industry [3] - The visits aim to enhance industry interaction and promote the integration of liquor sales with lifestyle experiences [3] - This series of activities is anticipated to increase market attention on Zhenjiu and the entire Guizhou liquor sector, boosting investor confidence and promoting high-quality industry development [3]

2、多只龙头宽基ETF披露2024年年报，中央汇金的持仓动向随之曝光。以持有ETF总市值计算， 截至2024年末，中央汇金投资有限责任公司持有ETF总 市值为6616.97亿元，中央汇金资产管理有限责任公司持有ETF总市值为3821.84亿元，两家公司合计持有ETF总市值突破万亿元。 3、银行消费贷利率或将迎来重要变化。 部分股份行、国有大行地方分行人士透露，接到总行通知称，消费贷利率4月起上调，3%以下产品或被叫停。 今 年消费贷市场竞争激烈，个别银行产品利率低至2.4%，近期多家银行密集跟进政策举措，"松绑"相应消费贷产品。 // 热点聚焦 // 1、 交通银行、中国银行、建设银行和邮储银行齐齐发布公告称，董事会通过了向特定对象发行A股股票的议案，并对外发布关于财政部战略投资该行的 公告。财政部将以现金方式认购中国银行、建设银行全部新发行股份，并包揽交通银行、邮储银行超过九成的新发行股份，合计出资规模达5000亿元。 四家银行此番集中公告意味着财政部发行特别国债补充大行资本落地在即。交行特别指出，本次发行完成后，财政部持股比例超过30%，将成为该行控股 股东。而在本次发行完成前，交行无控股股东、实际控制人 ...

Core Viewpoint - Qingdao Beer reported a decline in revenue for 2024, with total sales volume at 7.538 million kiloliters and revenue approximately 32.138 billion yuan, a year-on-year decrease of 5.3% [1][2] Sales Performance - The main brand, Qingdao, saw a production volume of 4.26 million kiloliters, down 2% year-on-year, and sales volume of 4.34 million kiloliters, down 4.84% [3] - Other brands, represented by Laoshan, had a production volume of 2.97 million kiloliters, down 2.96%, and sales volume of 3.2 million kiloliters, down 7.2% [3] Revenue Breakdown - Sales revenue for the Qingdao brand was approximately 22.083 billion yuan, a decrease of 5.07%, while other brands generated 9.495 billion yuan, down 6.38% [5][6] - Revenue across various regions, including Shandong, North China, South China, East China, and Southeast regions, showed declines, with the Southeast and overseas regions experiencing drops exceeding 24% [4] Quarterly Performance - Despite achieving profitability in the first three quarters, Qingdao Beer reported a net loss of 6.45 billion yuan in the fourth quarter, marking the sixth consecutive year of fourth-quarter losses [2][8] - The fourth quarter revenue was 3.179 billion yuan, a year-on-year increase of approximately 7.47%, but the net loss slightly widened compared to the previous year [8][11] Market Context - The overall beer market in China faced challenges, with a reported production volume of 35.213 million kiloliters in 2024, down 0.6% year-on-year, indicating a sluggish recovery in consumption [2] - Factors such as adverse weather and weak recovery in dining demand contributed to the decline in sales, despite events like the European Cup and Paris Olympics providing temporary boosts [8] Strategic Initiatives - The company is focusing on expanding new business and retail channels, with online product sales increasing by 21% year-on-year and fresh delivery services being launched in 24 cities [7]