大行评级丨中银国际：维持青岛啤酒H股目标价为58.8港元评级“买入”

Group 1 - The core viewpoint of the report indicates that Qingdao Beer’s revenue and net profit for the first three quarters increased by 1.4% and 5.7% year-on-year, slightly below expectations [1] - In the third quarter alone, total revenue decreased by 0.2% year-on-year, with volume increasing by 0.3% and price decreasing by 0.5%, attributed to the pricing dynamics from factory to retail for essential consumer goods [1] Group 2 - The target price for Qingdao Beer’s H-shares is maintained at HKD 58.8, corresponding to a price-to-earnings ratio of 15.9 times and 15.3 times for the forecasts of 2025 and 2026 respectively [1] - The rating for Qingdao Beer is set as "Buy" [1]