证券代码：600600 证券简称：青岛啤酒 公告编号：2024-012 青岛啤酒股份有限公司 一、审议通过《关于 A 股限制性股票激励计划预留授予限制性股票第二个解除 限售期解除限售条件成就的议案》。 监事会认为，鉴于公司 A 股限制性股票激励计划预留授予限制性股票第二个解 除限售期的相关解除限售条件已成就，公司董事会根据 2019 年年度股东大会及 2020 年第一次 A 股类别股东会议、2020 年第一次 H 股类别股东会的授权，按照《青岛啤 酒股份有限公司 A 股限制性股票激励计划（草案）》和《青岛啤酒股份有限公司 A 股限制性股票激励计划实施考核管理办法》（以下合称"本激励计划"）的相关规定 为符合条件的 33 名激励对象办理本激励计划预留授予限制性股票第二次解除限售的 相关事宜，解除限售数量合计为 96,666 股，该等事项符合《上市公司股权激励管理 办法》等法律法规、规范性文件及本激励计划、《公司章程》的有关规定，不存在损 害公司及股东利益的情况。 上述议案的同意票数为 5 票，无反对票和弃权票。 特此公告。 青岛啤酒股份有限公司监事会 2024 年 5 月 16 日 第十届监事会 2024 年第 ...

北京市海间律师事务所 北京市海问律师事务所 地址:北京市朝阳区东三环中路 5 号财富金融中心 20 层(邮编 100020) Address: 20/F, Fortune Financial Center, 5 Dong San Huan Central Road, Chaoyang District, Beijing 100020, China 电话(Tel): (+86 10) 8560 6888 传真(Fax): (+86 10) 8560 6999 www.haiwen-law.com 北京 BEIJING | 上海 SHANGHAI | 深圳| SHENZHEN | 香港 HONG KONG | 成都 CHENGDU | 海口 HAIKOU 北京市海问律师事务所 关于青岛啤酒股份有限公司 A 股限制性股票激励计划预留授予限制性股票 关于青岛啤酒股份有限公司 A 股限制性股票激励计划预留授予限制性 股票第二个解除限售期解除限售相关事项的 法律意见书 2024年5月 海问律师事务所 HAIWEN & PARTNERS 第二个解除限售期解除限售相关事项的法律意见书 致:青岛啤酒股份有限公司 北京市海问律师 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2024-010 青岛啤酒股份有限公司 关于 A 股限制性股票激励计划预留授予限制性股票 第二个解除限售期解除限售条件成就的公告 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： 根据《青岛啤酒股份有限公司 A 股限制性股票激励计划（草案）》、《青岛啤酒股 份有限公司 A 股限制性股票激励计划实施考核管理办法》（以下合称"《激励计划》"、 "本激励计划"）的相关规定以及青岛啤酒股份有限公司（以下简称"公司"、"本公司" 或"青岛啤酒"）2019 年年度股东大会、2020 年第一次 A 股类别股东会议及 2020 年 第一次 H 股类别股东会（以下合称"股东年会及类别股东会"）授权，公司第十届董 事会 2024 年第三次临时会议于 2024 年 5 月 16 日审议通过了《关于 A 股限制性股票 激励计划预留授予限制性股票第二个解除限售期解除限售条件成就的议案》，现将本 次解除限售有关事项说明如下： 一、已履行的相关审批程序和信息披露情况 1、2020 年 6 ...

青岛啤酒股份有限公司（"公司"或"本公司"）第十届董事会 2024 年第三次临时 会议（"会议"）于 2024 年 5 月 16 日以书面议案会议方式召开，会议通知及会议材料于 会议召开前以书面形式发出，会议应参与表决董事 9 人，实际表决董事 9 人。本次会议 的召集和召开符合《中华人民共和国公司法》和《青岛啤酒股份有限公司章程》的有关 规定。全体与会董事审议并一致同意通过如下事项： 一、审议通过《关于 A 股限制性股票激励计划预留授予限制性股票第二个解除限售 期解除限售条件成就的议案》。 证券代码：600600 证券简称：青岛啤酒 公告编号：2024-011 青岛啤酒股份有限公司 第十届董事会 2024 年第三次临时会议决议公告 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。 根据《上市公司股权激励管理办法》等法律法规、规范性文件及《青岛啤酒股份有 限公司 A 股限制性股票激励计划（草案）》和《青岛啤酒股份有限公司 A 股限制性股票 激励计划实施考核管理办法》（以下合称"本激励计划"）的有关规定，公司 A 股限制 性股票激 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Qingdao Beer Co., Ltd. [3][27] Core Views - The beer industry is experiencing structural upgrades, cost reductions, and a stable competitive landscape, which are expected to enhance shareholder returns gradually. The company is projected to achieve a compound annual growth rate (CAGR) of 13.48% in profits from 2024 to 2026, with earnings per share (EPS) forecasts of 3.66, 4.16, and 4.71 yuan for 2024, 2025, and 2026 respectively. The current stock price corresponds to a price-to-earnings (PE) ratio of 16X for 2024 [3][27]. Summary by Sections 1. State-Owned Control and Enhanced Shareholder Returns - As of Q1 2024, the Qingdao State-owned Assets Supervision and Administration Commission indirectly holds 32.51% of the company's shares, demonstrating strong state-owned control. The management team is experienced, with a significant increase in the dividend payout ratio from 40.2% in 2022 to 63.9% in 2023, resulting in a current dividend yield of 4% [10][27]. 2. Strategic Focus on "Qingdao Main Brand" and Price Increase Potential - The company is concentrating on the "Qingdao Main Brand" while phasing out local brands. The strategic focus includes a product upgrade and the "1+1+N" product combination to strengthen the mid-to-high-end market. The average price per ton is expected to rise from approximately 3,500 yuan to around 5,000 yuan [12][18][20]. 3. Cost and Competitive Advantages Leading to Potential Record Profit Margins - The company is benefiting from a cost reduction cycle, with a gross margin of 40.4% in Q1 2024, marking a historical high. The overall expense ratio has decreased, contributing to a net profit margin of 14.91% in Q1 2024, also a record high. The strategic focus on market development along the Yellow River is expected to release ongoing profits [20][21][23]. 4. Financial Summary - The financial projections indicate a steady increase in revenue from 32,172 million yuan in 2022 to 35,172 million yuan in 2024, reflecting a growth rate of 7% in 2022 and 5% in 2023. The operating profit is expected to rise from 3,727 million yuan in 2022 to 5,420 million yuan in 2024, with a net profit forecast of 4,988 million yuan for 2024 [7][27].

Investment Rating - The investment rating for the company is maintained at "Buy-B" [4]. Core Views - The company reported a revenue of 10.15 billion yuan in Q1 2024, a year-on-year decrease of 5.19%, while the net profit attributable to shareholders was 1.597 billion yuan, an increase of 10.06% year-on-year [1][2]. - The decline in revenue is attributed to high base effects leading to short-term sales pressure, but the product structure upgrade continues to enhance profitability [2][3]. - The company is expected to benefit from improved cost conditions and a favorable sales environment in the second half of 2024, driven by events like the UEFA European Championship and the Olympics [4]. Revenue Analysis - In Q1 2024, the company's beer sales volume was 2.184 million kiloliters, down 7.6% year-on-year, with an average price per ton of 4,647.44 yuan, up 2.6% year-on-year [2]. - The Qingdao brand achieved a sales volume of 1.322 million kiloliters, a decrease of 5.64% year-on-year, while other brands saw a decline of 10.40% [2]. - The mid-to-high-end brand sales volume was 960,000 kiloliters, down 2.44% year-on-year, but its market share increased by 2.31 percentage points to 43.96% [2]. Profit Analysis - The company achieved a gross profit margin of 40.44% in Q1 2024, an increase of 2.12 percentage points year-on-year, driven by product structure upgrades and lower raw material costs [3]. - The cost per ton decreased by 0.96% year-on-year, while the operating expense ratio was 15.01%, down 0.96 percentage points year-on-year [3]. - The net profit margin attributable to shareholders was 15.74%, an increase of 2.18 percentage points year-on-year [3]. Outlook for 2024 - The company anticipates good sales growth in the second half of 2024 due to seasonal demand and low base effects [4]. - The cancellation of double-reverse policies on barley is expected to improve raw material costs, alongside declining prices for packaging materials [4]. - The ongoing recovery in dining and tourism sectors is likely to support the high-end product mix and profit elasticity [4]. Financial Projections - Revenue projections for 2024 to 2026 are 35.424 billion yuan, 36.946 billion yuan, and 38.474 billion yuan, with year-on-year growth rates of 4.4%, 4.3%, and 4.1% respectively [4]. - Net profit projections for the same period are 4.943 billion yuan, 5.618 billion yuan, and 6.325 billion yuan, with growth rates of 15.8%, 13.7%, and 12.6% respectively [4]. - The expected earnings per share (EPS) for 2024 to 2026 are 3.62 yuan, 4.12 yuan, and 4.64 yuan, with corresponding price-to-earnings (P/E) ratios of 23.9x, 21.0x, and 18.7x [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 102.76 CNY, based on a 28x PE for 2024 [7][8]. Core Insights - The company reported a revenue of 10.15 billion CNY in Q1 2024, a year-on-year decrease of 5.19%, while net profit attributable to shareholders was 1.597 billion CNY, an increase of 10.06% [4]. - The sales performance of the Qingdao brand and products priced in the mid-to-high-end segment showed better results compared to other brands and products [5]. - The company experienced a slight increase in ton price, which contributed to profit growth despite a decrease in sales volume [6]. Financial Performance Summary - For Q1 2024, the company achieved a sales volume of 2.184 million kiloliters, down 7.58% year-on-year, with a ton price of 4,647.44 CNY, up 2.58% year-on-year [6]. - The gross margin for Q1 2024 was 40.44%, an increase of 2.12 percentage points year-on-year, while the net profit margin was 15.74%, up 2.18 percentage points year-on-year [6]. - The company forecasts revenues of 35.771 billion CNY, 37.598 billion CNY, and 39.420 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 5.005 billion CNY, 5.819 billion CNY, and 6.579 billion CNY [7][8].

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 revenue of 10.15 billion yuan in Q1 2024, a year-on-year decrease of 5.2%, while the net profit attributable to the parent company was 1.597 billion yuan, an increase of 10.1% year-on-year [5]. - The report indicates that despite a high base affecting short-term sales, the product structure continues to upgrade, with mid-to-high-end products accounting for 44.0% of total sales, reflecting strong momentum in premiumization [5]. - The gross margin improved significantly to 40.4%, driven by a decrease in average costs and an increase in product prices [5]. - The report projects earnings per share (EPS) for 2024-2026 to be 3.59, 4.04, and 4.44 yuan respectively, with a price-to-earnings (PE) ratio of 24-28 times for 2024, suggesting a reasonable value range of 86.17-100.54 yuan [5]. Summary by Sections Financial Performance - In Q1 2024, the company reported total revenue of 10.15 billion yuan, down 5.2% year-on-year, with total beer sales of 2.184 million kiloliters, a decrease of 7.6% year-on-year [5]. - The average price per product increased by 2.6%, while the average cost decreased by 1.0%, contributing to the improved gross margin [5]. Profitability - The net profit margin increased to 15.7%, and the net profit attributable to the parent company rose to 1.597 billion yuan, reflecting a year-on-year growth of 10.1% [5]. - The report notes a reduction in selling expenses, which contributed to the optimization of profitability [5]. Future Outlook - The company is expected to gradually overcome the high base effect in the second quarter, with the summer beer season anticipated to drive performance [5]. - The projected EPS growth indicates a positive outlook for the company's financial health in the coming years [5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 10.15 billion yuan in Q1 2024, a year-on-year decrease of 5.19%, while the net profit attributable to shareholders was 1.597 billion yuan, an increase of 10.06% year-on-year [1] - The overall sales volume in Q1 2024 was 2.184 million kiloliters, down 7.6% year-on-year, with the main brand, Qingdao Beer, experiencing a 5.6% decline in sales volume [1] - The company has successfully improved its profitability, with a gross margin of 40.44%, up 2.12 percentage points year-on-year, driven by an increase in the sales proportion of high-end products and a decrease in raw material costs [1] Summary by Relevant Sections Market Data - Current price: 81.96 yuan - Target price: 93.92 yuan - Target period: 6 months - Total shares: 1,364.20 million [1] Financial Performance - Q1 2024 revenue: 10.15 billion yuan, down 5.19% year-on-year - Q1 2024 net profit: 1.597 billion yuan, up 10.06% year-on-year - Q1 2024 gross margin: 40.44%, up 2.12 percentage points year-on-year - Q1 2024 net profit margin: 15.99%, up 2.23 percentage points year-on-year [1][3] Sales and Pricing - Q1 2024 sales volume: 2.184 million kiloliters, down 7.6% year-on-year - Q1 2024 average price per ton: 4,647.44 yuan per kiloliter, up 12.00% quarter-on-quarter and 2.58% year-on-year - High-end product sales volume accounted for 43.96% of total sales, up 2.32 percentage points year-on-year [1][3] Future Projections - Expected revenue for 2024-2026: 35.98 billion yuan, 37.996 billion yuan, and 39.937 billion yuan respectively - Expected net profit for 2024-2026: 5.125 billion yuan, 5.747 billion yuan, and 6.226 billion yuan respectively - Corresponding P/E ratios for 2024-2026: 22X, 19X, and 18X [1][3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [6][14]. Core Views - The company's Q1 performance slightly exceeded expectations, with a revenue of 10.15 billion yuan (down 5.19% year-on-year) and a net profit attributable to shareholders of 1.597 billion yuan (up 10.06% year-on-year) [1][3]. - The sales expense ratio decreased, and cost improvements were realized, contributing to a net profit margin increase of 2.2 percentage points to 16% [3]. - Despite a high base, the company is expected to stabilize sales in subsequent quarters, which will enhance cost elasticity [3]. Financial Performance Summary - Q1 2024 sales volume was 2.184 million kiloliters (down 7.6% year-on-year), with a ton revenue increase of 2.6% [2]. - The main brand's sales volume was 1.322 million kiloliters (down 5.6%), while the mid-to-high-end segment saw a sales volume of 960,000 kiloliters (down 2.4%) [2]. - The company forecasts revenue growth rates of 4%, 3%, and 3% for 2024-2026, with corresponding revenue amounts of 35.2 billion, 36.4 billion, and 37.6 billion yuan [3][4]. Profitability Forecast - The report projects net profit growth rates of 18%, 15%, and 12% for 2024-2026, with net profit amounts of 5 billion, 5.8 billion, and 6.4 billion yuan [3][4]. - The expected price-to-earnings ratios (PE) for 2024, 2025, and 2026 are 24X, 21X, and 19X, respectively [3]. Key Financial Metrics - The company's total revenue for 2023 is projected at 33.94 billion yuan, with a growth rate of 5.49% [4]. - The net profit attributable to shareholders for 2023 is estimated at 4.27 billion yuan, reflecting a growth rate of 15.02% [4]. - The earnings per share (EPS) for 2024 is projected to be 3.68 yuan, with a PE ratio of 23.67 [4]. Market Position - The company continues to see an upward trend in the proportion of mid-to-high-end products, indicating a positive structural upgrade [2][3]. - The report highlights the importance of brand positioning and product upgrades, with new endorsements expected to enhance market presence [3].