青岛啤酒：2024 年报，利润增 1.81%

Core Viewpoint - Qingdao Beer reported its 2024 annual results, showing a decline in total revenue but an increase in net profit, indicating mixed performance in the financial year [1] Financial Performance - Total revenue for the year was 32.138 billion yuan, a decrease of 5.3% year-on-year [1] - Net profit attributable to shareholders was 4.345 billion yuan, an increase of 1.81% year-on-year [1] - In Q4, total revenue was 3.179 billion yuan, an increase of 7.44% year-on-year, while net profit was -645 million yuan, a decrease of 0.79% year-on-year [1] - Gross margin increased by 4.05% to 40.23%, and net margin increased by 9.08% to 13.98% [1] - Total expenses for sales, management, and finance were 5.441 billion yuan, accounting for 16.93% of revenue, a decrease of 0.42% year-on-year [1] - Earnings per share (EPS) was 3.19 yuan, an increase of 1.66% year-on-year [1] Cash Flow and Assets - Operating cash flow per share was 3.78 yuan, an increase of 85.58% year-on-year [1] - The company reported a significant decrease in other receivables by 54.83%, attributed to the recovery of receivables from the disposal of land use rights and other long-term assets [1] Return on Investment - The company's Return on Invested Capital (ROIC) was 13.36%, indicating strong capital returns [1] - The net profit margin was 13.98%, reflecting high value-added products or services [1] Financing and Dividends - Over its 32 years of listing, the company has cumulatively raised 1.425 billion yuan and distributed 15.576 billion yuan in dividends, resulting in a dividend-to-financing ratio of 10.93 [1] Market Expectations - Analysts expect the company's performance in 2025 to reach 4.82 billion yuan, with an average EPS of 3.54 yuan [1] - The company is held by two prominent fund managers, with the largest fund being Penghua CSI Alcohol ETF, currently valued at 12.552 billion yuan [1]