Group 1 - UBS has slightly lowered the target price for Qingdao Beer (00168) from HKD 62.75 to HKD 62.12, considering the increase in sales and marketing expenses [1] - The company reported a revenue of RMB 33.937 billion for 2023, which met expectations, while EBITDA and net profit were RMB 4.806 billion and RMB 4.268 billion respectively, slightly below expectations due to higher-than-expected sales and distribution expenses [1] - The management has not provided specific guidance for the future but emphasized that premiumization is the main trend in the Chinese beer industry [1] Group 2 - The sales volume for the second half of last year was 2.98 million tons, a year-on-year decrease of 11%, consistent with the decline in the third quarter of last year [1] - The total sales volume for the year slightly decreased to 8.01 million tons, underperforming the overall industry growth of approximately 0.3% [1] - Despite the decline in sales volume, the improvement in product mix accelerated the average price growth to 6.4%, compared to a 4.8% increase in 2022 [1]
瑞银：予青岛啤酒股份(00168)“买入”评级 目标价降至62.12港元