Investment Rating - The report maintains a "Buy" rating for the company, with expected relative stock price returns of over 20% within 6 months [7][23] Core Views - The company's production and sales strategies are expected to remain consistent, with no significant changes due to leadership transitions [4] - The new chairman, Jiang Zongxiang, brings extensive experience in corporate governance, strategic management, digital transformation, and supply chain management, which is expected to drive continued innovation and profitability [2][4] - The company is expected to benefit from external factors such as consumption promotion policies and the recovery of dining and nightlife scenes, which will boost beer demand and upgrade speed [7] Financial Performance and Projections - Revenue is projected to decline by 5% in 2024, followed by growth of 3% in 2025 and 2% in 2026, reaching RMB 33.7 billion by 2026 [7] - Net profit attributable to the parent company is expected to grow by 3%, 10%, and 8% in 2024, 2025, and 2026, respectively, reaching RMB 5.23 billion by 2026 [7] - EBITDA is forecasted to increase from RMB 6.08 billion in 2023 to RMB 7.84 billion in 2026, with a CAGR of 8.9% [5] - EPS is projected to grow from RMB 3.13 in 2023 to RMB 3.83 in 2026 [5] Valuation Metrics - The P/E ratio is expected to decline from 25.01x in 2023 to 20.42x in 2026, indicating improving valuation attractiveness [5] - The EV/EBITDA ratio is projected to decrease from 12.80x in 2023 to 10.25x in 2026, reflecting better operational efficiency [5] - The P/B ratio is forecasted to drop from 3.89x in 2023 to 3.39x in 2026, suggesting a more favorable valuation [5] Strategic Initiatives - The company is focusing on improving operational quality and implementing an ERP system in 2024, which is expected to enhance efficiency [7] - The new management team is expected to lead the company towards high-quality development, with a focus on innovation, brand influence, and profitability [4][7] Industry Context - The company operates in the food and beverage industry, specifically in the non-baijiu segment, with a strong focus on beer production and sales [9] - The industry is expected to benefit from the recovery of consumption scenarios, which will drive demand for beer and accelerate product upgrades [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The internal promotion of General Jiang as the new chairman is expected to maintain strategic continuity for the company. The company is anticipated to benefit from restaurant recovery and enhanced management, providing strong elasticity in the mid-term. The company is viewed as a high-quality stock with both offensive and defensive capabilities, focusing on resilience and improved dividend yield as key strategies [3][19] - The company’s revenue forecasts for 2024-2026 are projected to be 319.77 billion, 330.06 billion, and 339.75 billion yuan respectively, with net profits of 44.56 billion, 50.28 billion, and 55.38 billion yuan respectively. The corresponding PE ratios are 23.9, 21.2, and 19.3 times [3][4] Summary by Sections Financial Performance - For the fiscal year 2023, total revenue was 33,937 million yuan, with a year-on-year growth of 5.5%. The projected revenues for 2024, 2025, and 2026 are 31,977 million, 33,006 million, and 33,975 million yuan, with expected year-on-year changes of -5.8%, 3.2%, and 2.9% respectively [4] - The net profit for 2023 was 4,268 million yuan, with a year-on-year growth of 15.0%. The projected net profits for 2024, 2025, and 2026 are 4,456 million, 5,028 million, and 5,538 million yuan, with expected growth rates of 4.4%, 12.8%, and 10.1% respectively [4] - The gross margin is expected to improve from 38.7% in 2023 to 43.5% in 2026, while the return on equity (ROE) is projected to increase from 15.5% to 16.7% over the same period [4] Market Position and Strategy - In the first three quarters of 2024, the company's sales decreased by 6.98% year-on-year, underperforming the overall beer industry, which saw a decline of 1.5%. This was attributed to weak sales dynamics and a conservative marketing approach due to delayed management transitions [5] - The company is positioned as a high-quality leader in the Chinese beer market, with a focus on resilience and capital expenditure discipline. The expectation of significant dividend yield increases in the future is highlighted as a key defensive strategy [6][19]

Investment Rating - The report maintains a "Buy" rating for Tsingtao Brewery (600600 SH) with a target price of 78 23 CNY as of December 25 [4][17] Core Views - Tsingtao Brewery elected Mr Jiang Zongxiang as the new Chairman and President replacing Mr Huang Kexing who retired due to age [2] - The beer industry showed signs of recovery in Q4 2024 with China's beer production increasing by 1 7% YoY in October November compared to declines of 5 4% and 5 3% in Q2 and Q3 respectively [3] - The report expects the beer industry to achieve both volume and price increases in 2025 driven by policy catalysts and recovery in on premise channels like dining [3] - Tsingtao Brewery's beer sales declined by 7 0% YoY in the first three quarters of 2024 compared to the industry's 1 5% decline indicating pressure release [15] - The new leadership is expected to drive better volume and price performance than the industry in 2025 [15] - The company's dividend payout ratio was 64% in 2023 and is expected to increase steadily in the future [15] Financial Projections - Revenue is projected to be 32 002 million CNY in 2024 a 5 7% YoY decline followed by 5 0% and 4 2% growth in 2025 and 2026 respectively [5] - Net profit attributable to shareholders is forecasted at 4 443 million CNY in 2024 (+4 1% YoY) 4 907 million CNY in 2025 (+10 4% YoY) and 5 325 million CNY in 2026 (+8 5% YoY) [4][5] - EPS is expected to be 3 26 CNY in 2024 3 60 CNY in 2025 and 3 90 CNY in 2026 [5] - ROE is projected to remain stable at around 15 3% 15 9% and 16 3% from 2024 to 2026 [5] - The PE ratio is estimated at 24x 22x and 20x for 2024 2025 and 2026 respectively [4][5] Industry Outlook - The beer industry is expected to benefit from cost advantages in 2025 leading to improved profit performance [3] - Historically the beer sector has outperformed the food and beverage industry from March to June during 2020 2022 [3] - If the industry achieves volume and price recovery in 2025 it could lead to strong performance in the sector [3]

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [2][3] Core Insights - The company is undergoing a leadership transition with the appointment of Jiang Zongxiang as the new chairman, which is expected to initiate a new development cycle [1] - The beer industry is anticipated to recover in 2025, driven by the new management team and a rebound in restaurant consumption, which will positively impact beer sales [1] - The company has a strong shareholder return strategy, with dividend payout ratios of 47.6%, 66.2%, and 63.9% from 2021 to 2023, indicating a commitment to returning value to shareholders [1] - Profit forecasts for 2024-2026 project net profits of 44.3 billion, 50.1 billion, and 53.5 billion yuan, reflecting growth rates of 3.9%, 13.0%, and 6.7% respectively [1] Financial Summary - Revenue for 2024 is expected to be 32.183 billion yuan, with a projected growth rate of -5.2%, followed by 33.748 billion yuan in 2025 and 34.565 billion yuan in 2026, with growth rates of 4.9% and 2.4% respectively [33] - The company's net profit for 2024 is estimated at 4.433 billion yuan, with growth rates of 3.9%, 13.0%, and 6.7% for the following years [33] - The projected earnings per share (EPS) for 2024 is 3.25 yuan, increasing to 3.67 yuan in 2025 and 3.92 yuan in 2026 [33]

Group 1 - The chairman of Qingdao Beer, Huang Kexing, has submitted a written application to resign from his positions as chairman, executive director, and chairman of the board's strategic committee due to reaching retirement age [1] - After his resignation, Huang Kexing will no longer hold any positions within the company or its subsidiaries [1]

证券代码：600600 证券简称：青岛啤酒 编号：2024-031 青岛啤酒股份有限公司第十届董事会 2024 年第七次临时会议 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。 一、 同意选举姜宗祥先生为公司第十届董事会董事长，并兼任公司总裁 职务。任期自董事会批准之日起至本届董事会任期届满之日止。 表决情况：有权表决票 7 票，同意 7 票、反对 0 票、弃权 0 票，通过。 二、 同意委任姜宗祥先生为公司第十届董事会战略与投资委员会主席， 任期自董事会批准之日起至本届董事会任期届满之日止。 姜宗祥先生简历请见本公告附件。 青岛啤酒股份有限公司 董事会 2024 年 12 月 25 日 2 附件 姜宗祥简历 姜宗祥先生，现年 52 岁，山东工业大学本科毕业，南开大学经济学硕士。 现任本公司党委书记、董事长、总裁，青岛啤酒集团有限公司党委书记、董事长。 曾任青岛啤酒（芜湖）有限公司副总经理，本公司战略投资管理总部副部长、信 息管理总部部长及制造中心采购管理总部部长、制造总裁助理兼采购管理总部部 长、副总裁兼供应链总裁 ...

黄克兴先生确认其与公司董事会之间没有不一致意见，也没有任何其他事项 需提请公司股东注意。本公司董事会及黄克兴先生确认，没有因其辞任而可能影 响公司及控股子公司营运的任何事宜。 黄克兴先生在担任公司总裁和董事长期间，以建设拥有全球影响力品牌的国 际化大公司为愿景，制订了公司新的战略发展规划并积极推进实施，坚持以创新 驱动高质量发展，推动青岛啤酒科技创新优势显著增强，品牌竞争力明显提升， 产品结构持续优化升级，高端化、智能化、绿色化转型加快推进，企业盈利能力 不断提升。近年来，公司法人治理结构不断优化，完善了规范、透明、诚信、高 效的董事会运作机制。董事会对黄克兴先生在先后担任公司总裁和董事长期间为 青岛啤酒发展壮大所做的卓有成效的工作表示衷心感谢，并致以诚挚祝福。 证券代码：600600 证券简称：青岛啤酒 编号：2024-030 青岛啤酒股份有限公司关于董事长辞任的公告 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。 青岛啤酒股份有限公司（以下简称"公司"或"青岛啤酒"）董事长黄克兴先生 因已届退休年龄，向公司董事会提出辞任公 ...

Investment Rating - The investment rating for Qingdao Beer Co., Ltd. is "Buy" (maintained) [6] Core Views - Qingdao Beer, as a leading beer company in China, is expected to see revenue exceed expectations due to multiple catalysts including policy-driven consumption recovery, inventory destocking in 2024, potential management changes, and the recovery of the dining sector [2][3] - The recovery of the dining chain is highly certain, with expectations for volume and price to rise from a low base in 2025 [2] - The company is anticipated to benefit from a management change, which may bring more positive initiatives and goals [3] Summary by Sections Sales and Price Drivers - Volume: The recovery of the dining chain driven by consumption vouchers is expected to lead to sales exceeding expectations, particularly in the 6-10 RMB price range [3] - Price: The upgrade in the 6-10 RMB price range is expected to continue, with room for further price increases as Qingdao Beer has positioned its classic products at the 8 RMB price point [3] Financial Forecasts - Revenue growth rates are projected at 6.05% for 2024, 3.18% for 2025, and 3.22% for 2026 [4] - Net profit growth rates are expected to be 1.27% for 2024, 11.26% for 2025, and 9.77% for 2026 [4] - Earnings per share (EPS) are forecasted to be 3.17, 3.52, and 3.87 RMB for 2024, 2025, and 2026 respectively [4] Valuation and Price Target - The target valuation for Qingdao Beer H shares is based on a 70% discount to the A-share valuation of 25x, with the current discount at approximately 63.7%, indicating high elasticity [4] - The report maintains that the current valuation offers good value for investment [4]

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer (600600) [1] Core Views - The long-term positive trend for the company remains unchanged, with Hong Kong stocks appearing more attractive [1] - The report emphasizes that despite short-term demand pressures, there is still potential for structural upgrades in the medium to long term [6] - The company is expected to achieve net profits of 44.6 billion, 48.1 billion, and 53.4 billion for the years 2024 to 2026, with current price-to-earnings ratios for A-shares at 23, 21, and 19 times, respectively [5] Financial Data Summary - Closing price as of December 6, 2024, is 73.84 yuan, with a market capitalization of 52,355 million yuan [2] - The company’s net asset per share is 21.84 yuan, and the debt-to-asset ratio is 39.11% [2] - The projected revenue for 2024 is 31,877 million yuan, with a year-on-year growth rate of -6.1% [8] - The expected net profit for 2024 is 4,458 million yuan, reflecting a year-on-year growth of 4.4% [8] - The company’s dividend yield is projected at 2.8% for A-shares and 3.6% for H-shares [5] Market Position and Strategy - The company is focusing on product innovation and optimizing its product structure, with a notable increase in the popularity of its white beer and other premium products [6] - The report highlights the potential for improving the beer canning rate in China, which currently stands at 31%, compared to 70% and 90% in the US and Japan, respectively [6] - The company has a strong cash flow position, with 21.677 billion yuan in cash on hand and zero long-term or short-term borrowings [7]

Group 1: Investor Relations Activities - The event was part of the 2024 Qingdao-listed companies' online collective reception day and the Q3 performance briefing [1][2] - The meeting took place on November 28, 2024, from 15:00 to 17:00 [2] - Participants included domestic and foreign investors, with key company representatives present [2] Group 2: Company Performance and Strategy - The company aims to enhance investor interaction and communication to build a harmonious investment relationship [2] - The company plans to improve its dividend rate based on the 2023 distribution, aiming to create higher value for investors [2] - The company is developing a market value management system following new regulations issued by the securities regulatory authority [2] Group 3: Product Performance and Market Strategy - The high-end product "One World Legend" is gaining popularity but currently represents a small percentage of total sales revenue due to low sales base [3] - The company is responding to diversified consumer demands by innovating in branding and product offerings, focusing on mid-to-high-end markets [3] - New products such as "Nika Xi White Beer" and "Alcohol-Free White Beer" have been launched to meet consumer preferences for quality and variety [3] Group 4: Market Challenges and Future Plans - The company experienced a decline in market share in 2024, with revenue in the first three quarters down compared to competitors [4] - The decline is attributed to weak recovery in domestic beer consumption and high sales base effects from the previous year [4] - The company will continue to implement high-quality development strategies and innovate to expand both domestic and international markets [4]