Zhi Tong Cai Jing·2025-10-30 07:16Core Insights - Bank of China International reports that Qingdao Beer (600600) has seen a revenue and net profit increase of 1.4% and 5.7% year-on-year for the first three quarters, slightly below expectations [1] - In the third quarter alone, total revenue decreased by 0.2% year-on-year, with volume and price changes of 0.3% increase and 0.5% decrease respectively, due to ongoing price deflation pressures from factory to retail for essential consumer goods [1] - Sales of mid-to-high-end products increased by 6.8% year-on-year, showing an acceleration from the previous quarter's 4.8%, indicating a positive structural improvement [1] - The target price for Qingdao Beer 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 remains "Buy" [1]