Financial Position - As of June 30, 2024, total assets reached RMB 52.81 billion, an increase from RMB 49.26 billion as of December 31, 2023, representing a growth of approximately 5.2%[2] - Current assets totaled RMB 31.80 billion, up from RMB 29.61 billion, indicating a growth of about 7.4%[2] - Total liabilities amounted to RMB 23.59 billion, compared to RMB 21.00 billion, marking an increase of around 12.3%[4] - The equity attributable to shareholders of the parent company rose to RMB 28.39 billion from RMB 27.45 billion, showing an increase of about 3.4%[4] - As of June 30, 2024, total shareholders' equity amounted to RMB 16,348,128,723, a decrease from RMB 16,702,249,600 at the beginning of the year[14] Revenue and Profitability - Total operating revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.06% compared to RMB 21,591,789,633 in the same period of 2023[5] - Net profit attributable to shareholders of the parent company increased to RMB 3,641,652,772, up 6.31% from RMB 3,425,652,286 in the first half of 2023[5] - The company reported a total profit of RMB 4,909,634,563, which is an increase of 6.63% from RMB 4,604,120,036 in the same period last year[5] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, an increase from RMB 3,487,105,492 in the same period last year[6] Cash Flow - Total cash inflow from operating activities for the first half of 2024 was RMB 21,463,081,709, a slight decrease of 1.06% compared to RMB 21,693,753,265 in the same period of 2023[7] - Net cash flow from operating activities increased to RMB 5,713,872,510, up 24.2% from RMB 4,600,493,439 year-on-year[7] - Cash outflow from investing activities totaled RMB 12,020,320,545, an increase of 24.0% compared to RMB 9,673,707,119 in the first half of 2023[9] - The ending cash and cash equivalents balance as of June 30, 2024, was RMB 7,959,172,830, down from RMB 13,366,555,181 at the end of June 2023[9] Expenses - Research and development expenses rose to RMB 29,405,848, an increase of 32.83% compared to RMB 22,160,455 in the first half of 2023[5] - Financial expenses increased to RMB (290,996,043), compared to RMB (223,129,607) in the first half of 2023, indicating a rise in interest expenses[5] - The company’s sales expenses decreased to RMB 2,169,269,528, down 9.15% from RMB 2,387,993,047 in the first half of 2023[5] Inventory and Receivables - Inventory decreased to RMB 2.21 billion from RMB 3.54 billion, a reduction of approximately 37.5%[2] - Accounts receivable totaled RMB 317,493,819 as of June 30, 2024, representing a 14.3% increase from RMB 277,721,354 on December 31, 2023[115] - The company has recognized a bad debt provision of RMB 177,789,186, which is 55.8% of the total accounts receivable as of June 30, 2024[116] Investments and Assets - The total amount of non-current financial assets increased to RMB 2,492,382,750 as of June 30, 2024, compared to RMB 1,425,485,550 at the end of 2023[138] - Long-term equity investments in Hebei Jiahe Brewery amounted to RMB 220,762,244 as of June 30, 2024, with an investment loss recognized under the equity method of RMB 3,696,494[136] - The total value of right-of-use assets is RMB 266,109,014, an increase from RMB 129,355,155 as of December 31, 2023[161] Taxation - The corporate income tax rate applicable to most subsidiaries in mainland China is 25%, while the Hong Kong subsidiary is subject to a rate of 16.5%[106] - The company reported a total tax payable of RMB 1,030,681,162 as of June 30, 2024, significantly up from RMB 343,503,981 on December 31, 2023[181] - The total amount of unrecognized deductible losses due to uncertainty in future taxable income was RMB 318,951,000 as of June 30, 2024, compared to RMB 296,357,000 as of December 31, 2023, reflecting an increase of about 7.5%[171] Employee Benefits - The present value of the defined benefit plan obligations as of June 30, 2024, is RMB 663,939,329, showing a slight increase from RMB 663,935,553 at the beginning of the period[192] - The total service cost for the current period is RMB 3,830,499, while the net interest amount is RMB 8,969,000[192] - The defined benefit plan net liability as of June 30, 2024, is RMB 663,939,329, compared to RMB 667,048,477 as of June 30, 2023, indicating a decrease in net liability[194] Compliance and Governance - The financial statements were prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[17] - The company has maintained its continuous operation capability without significant doubts regarding its ability to continue as a going concern[18] - The company’s accounting period aligns with the calendar year, running from January 1 to December 31[24]

证券研究报告|公司点评报告 [Table_Date] 2024 年 09 月 16 日 [Table_Title] 结构升级韧性仍在，盈利能力稳中有升 | --- | --- | --- | --- | |------------------|------------------------|-----------------------|------------| | [Table_DataInfo] | 评级： 买入 股票代码： | | 600600 | | 上次评级： 买入 | | 52 周最高价/最低价： | 91.3/53.94 | | 目标价格： | 总市值(亿) | | 736.12 | | 最新收盘价： | 53.96 | 自由流通市值 (亿) | 382.59 | | | | 自由流通股数(百万 ) | 709.03 | [Table_Summary] 事件概述 公司24H1营业收入200.68亿元，同比-7.1%，归母净利润36.42亿元，同比+6.3%，扣非归母净利润34.27 亿元，同比+6.15%。据此推算，公司 24Q2 营业收入 99.2 亿元，同比-8.89%，归母净利润 20 ...

2024 年 09 月 03 日 评级 增持 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 57.05 | | 52 周价格区间（元） | 57.05-94.46 | | 总市值（百万） | 66263.40 | | 流通市值（百万） | 40450.22 | | 总股本（万股） | 136419.70 | | 流通股（万股） | 136410.10 | 涨跌幅比较 青岛啤酒 非白酒 -37% -27% -17% -7% 3% 13% 2023-09 2023-12 2024-03 2024-06 2024-09 % 1M 3M 12M 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 青岛啤酒 -15.10 -24.57 -36.74 非白酒 -8.59 -16.98 -33.78 1 青岛啤酒（600600.SH）2023 年年报点评：延 续中高端化趋势 2024-04-02 证券研究报告 公司点评 青岛啤酒(600600.SH) 食品饮料｜ 非白酒 ...

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer [2] Core Views - The company reported a total revenue of 20.068 billion yuan for the first half of 2024, a year-on-year decrease of 7.06%, while the net profit attributable to shareholders increased by 6.31% to 3.642 billion yuan [2][3] - The sales volume slightly declined, but the upgrade in product structure led to an increase in average selling price [3] - The company's profitability continues to improve, with gross margin and net margin both increasing in the first half of 2024 [4] Summary by Sections Financial Performance - In H1 2024, total revenue was 20.068 billion yuan, down 7.06% year-on-year, while net profit attributable to shareholders was 3.642 billion yuan, up 6.31% [2] - In Q2 2024, total revenue was 9.918 billion yuan, down 8.89% year-on-year, with net profit of 2.044 billion yuan, up 3.55% [2] Sales Volume and Product Structure - In H1 2024, beer sales volume was 4.63 million kiloliters, down 7.8% year-on-year, with the main brand Qingdao Beer sales at 2.61 million kiloliters, down 7.2% [3] - The proportion of mid-to-high-end products increased to 41.0%, up 1.6 percentage points year-on-year, contributing to a 1.0% increase in average selling price to 4.28 yuan per liter [3] Profitability - In H1 2024, the net profit margin was 18.15%, and the gross margin was 41.60%, both up year-on-year by 2.28 and 2.39 percentage points respectively [4] - In Q2 2024, the net profit margin was 20.61%, and the gross margin was 42.80%, both showing continued improvement [4] Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 4.594 billion, 4.956 billion, and 5.250 billion yuan respectively, with growth rates of 7.64%, 7.88%, and 5.95% [4]

公司报告 | 半年报点评 需求承压拖累吨价，成本红利释放保障盈利 公 司 公 告 ： 2024H1 营业收入 / 归 母 净 利 / 扣 非 归 母 净 利 分 别 为 200.68/36.42/34.27 亿元（同比-7.06%/+6.31%/+6.15%）。2024Q2 营业收入/ 归母净利 / 扣 非 归 母 净 利 分 别 为 99.18/20.44/19.14 亿元（同比 -8.89%/+3.55%/+1.87%）。 青岛啤酒（600600） 证券研究报告 2024 年 09 月 03 日 投资评级 行业 食品饮料/非白酒 6 个月评级 买入（维持评级） 当前价格 57.05 元 目标价格 元 高基数+餐饮疲软+主动控库存，Q2 销量承压。 分产品看，H1 销量 463 万千升，同比-7.8%；青岛品牌同比-7.2%，中高档 同比-4%（占比同比+1.6pct），类经典等中低档同比-15%，其他品牌销量同 比-8.6%。 Q2 总销量同比-8.0%，青岛品牌同比-8.7%、中高档同比-5.5%（占 比同比+1pct）、类经典同比-16.2%、其他品牌同比-7.3%。 需求+货折影响，Q2 吨收入负增 ...

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 decline in revenue and beer sales in Q2 2024 due to high base effects and weak demand, with a total revenue of 20.068 billion yuan in the first half of 2024, down 7.1% year-on-year [5]. - Despite the revenue decline, the company's net profit increased by 6.3% year-on-year to 3.642 billion yuan in the same period, indicating improved profitability [5]. - The report anticipates a recovery in sales and profitability in the upcoming quarters, driven by cost reductions and effective expense management [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 20.068 billion yuan, a decrease of 7.1% year-on-year, while net profit reached 3.642 billion yuan, an increase of 6.3% [5]. - Q2 2024 saw a revenue of 9.918 billion yuan, down 8.9% year-on-year, with net profit at 2.044 billion yuan, up 3.6% [5]. - Beer sales in the first half of 2024 decreased by 7.2% year-on-year, with a volume decline of 7.8% and a price increase of 0.7% [5]. Cost and Profitability - The gross margin improved by 2.4 percentage points year-on-year to 41.6% in the first half of 2024, primarily due to declining raw material costs [5]. - The average cost per thousand liters of beer decreased by 3.4% in the first half of 2024 [5]. - The net profit margin increased to 18.1% in the first half of 2024, reflecting enhanced profitability [5][6]. Cash Flow and Liabilities - As of the end of Q2 2024, the company's contract liabilities stood at 5.560 billion yuan, a decrease of 3.4% year-on-year [6]. - The operating cash flow for Q2 2024 was 2.861 billion yuan, an increase of 2.7% year-on-year, indicating strong cash generation [6]. Earnings Forecast - The company is expected to have EPS of 3.44, 3.72, and 3.95 yuan per share for 2024, 2025, and 2026 respectively [6]. - The report assigns a PE ratio of 20-25 times for 2024, suggesting a fair value range of 68.79 to 85.99 yuan per share [6].

[ T able_StockInfo] 2024 年 08 月 30 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：59.45 元 青岛啤酒（600600）食品饮料 目标价：——元（6 个月） 销量阶段性承压，成本端持续改善 [Table_Summary 事件：公司发布] 2024 年中报，24H1 实现收入 200.7 亿元，同比-7.1%，实现 归母净利润 36.4元，同比+6.3%；其中 24Q2实现收入 99.2亿元，同比-8.9%， 实现归母净利润 20.4 亿元，同比+3.6%；公司利润端符合市场预期。 高基数+大环境影响下，Q2 量价均有所承压。量方面，公司 24Q2 实现啤酒销 量 244.6万吨，同比下降 8%；销量承压主要系去年同期存在高基数效应，叠加 Q2 以来餐饮消费复苏较为缓慢以及部分地区雨涝频发所致。分档次看，24Q2 主品牌实现销量 128.8万吨，同比-8.7%，其中中高端啤酒实现销量 93.6万吨， 同比-5.5%；其他品牌实现销量 116 万吨，同比-7.3%。价方面，因整体啤酒需 求恢复疲软拖累产品结构升级，公司整体吨价同比-0.9%至 4055 元/吨 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The beer industry landscape is clear and stable, with the company expected to continue benefiting from its base markets in Shandong and North China, despite short-term pressure on prices due to macroeconomic challenges [3] - The company reported a revenue of 20.068 billion yuan in the first half of 2024, a year-on-year decrease of 7.1%, while the net profit attributable to the parent company was 3.641 billion yuan, an increase of 6.3% year-on-year [1][2] - The company’s Q2 revenue slightly declined by 8.9% year-on-year to 9.918 billion yuan, with sales volume down by 8.0% to 2.45 million kiloliters [1] Summary by Sections Revenue and Profitability - In H1 2024, the company achieved a revenue of 20.068 billion yuan, down 7.1% year-on-year, and a net profit of 3.641 billion yuan, up 6.3% year-on-year [1] - The Q2 revenue was 9.918 billion yuan, reflecting an 8.9% decline year-on-year, with a sales volume of 2.45 million kiloliters, down 8.0% [1] - The average revenue per kiloliter was 4,055 yuan, a slight decrease of 0.9% year-on-year [1] Regional Performance - Revenue contributions from various regions in H1 2024 were as follows: Shandong (12.911 billion yuan, -4% YoY), North China (3.739 billion yuan, -8% YoY), East China (1.357 billion yuan, -17% YoY), South China (1.465 billion yuan, -10% YoY), Southeast (356 million yuan, -30% YoY), and other overseas regions (236 million yuan, -33% YoY) [1] - Shandong and North China showed profit growth of 19% and 11% year-on-year, respectively, while profits in East China and South China declined by 53% and 6% year-on-year [1] Cost and Margin Analysis - The company’s net profit margin improved to 20.6% in Q2 2024, up 2.5 percentage points year-on-year, with a gross margin of 42.8%, an increase of 2.7 percentage points year-on-year [2] - The cost per kiloliter decreased by 5.4% year-on-year, contributing to the improvement in gross margin [2] Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 3.29 yuan, 3.54 yuan, and 3.89 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 18, 17, and 15 [3]

青岛啤酒股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------|-----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | 特定对象调研 \n媒体采访 \n新闻发布会 现场参观 | 分析师会议 \n业绩说明会 \n路演活动 \n其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 境内外投资者 | | | 时间 | 202 4 年 8 月 30 | 日 15:00-16:00 | | 地点及会议召开方式 | 全景网"投资者关系互动平台"（ 网络文字互动 | https://ir.p5 ...

Investment Rating - The investment rating for Qingdao Beer is "Accumulate" (maintained) [2] Core Views - The company is experiencing pressure on sales and structure, awaiting industry recovery [1] - Revenue for H1 2024 is reported at 20.07 billion, a year-on-year decline of 7.1%, while net profit attributable to shareholders is projected to be 4.591 billion for 2024, reflecting a growth of 7.6% [6][10] - The report highlights that the beer sales volume has decreased by 7.8% in H1 2024, with a slight increase in ton price by 0.9% [7] - The company anticipates profit growth in H2 2024 due to lower base effects and decreasing raw material costs [9] Summary by Sections Financial Performance - H1 2024 revenue is 20.07 billion, down 7.1% year-on-year; net profit attributable to shareholders is 4.591 billion, up 7.6% [6][10] - Q2 2024 revenue is 9.92 billion, down 8.9% year-on-year, with net profit attributable to shareholders at 2.04 billion, up 3.6% [6] - The company has adjusted its net profit forecasts for 2024-2026 to 4.591 billion, 5.041 billion, and 5.365 billion respectively [6] Sales and Market Dynamics - Beer sales volume in H1 2024 decreased by 7.8%, with a ton price increase of 0.9% [7] - The main and sub-brands saw sales declines of 7.2% and 8.6% respectively, while mid-to-high-end beer sales fell by 4.0% [7] - The report indicates that the demand for high-end beers priced above 10 yuan is weak, while the 7-10 yuan segment performs relatively better [7] Cost and Profitability - Q2 2024 net profit margin increased by 2.18 percentage points, with gross margin up by 2.71 percentage points due to lower costs of barley and packaging materials [8] - The report notes that the decrease in raw material costs is expected to positively impact profitability in H2 2024 [9] Future Outlook - The company is expected to maintain profit growth in H2 2024, supported by a lower base and decreasing costs [9] - The overall beer market is facing challenges due to adverse weather and declining dining demand, but the company is actively promoting its products [9]