Tsingtao Brewery(SH:600600) Caixin Securities·2024-11-05 10:22Investment Rating - The report maintains an "Overweight" rating for the company [1][7] Core Views - The company reported a revenue of 289.59 billion yuan for the first three quarters of 2024, a year-on-year decline of 6.52%, while the net profit attributable to shareholders was 49.90 billion yuan, a year-on-year increase of 1.67% [4] - The company is facing sales pressure due to weak demand, but it is optimizing costs and maintaining stable profitability [5][6] - The company is expected to achieve revenues of 319.29 billion yuan in 2024, with a projected net profit of 43.47 billion yuan, reflecting a slight growth trend in the following years [6][8] Summary by Sections Financial Performance - The company's main revenue for 2022 was 321.72 billion yuan, which increased to 339.37 billion yuan in 2023, but is expected to decline to 319.29 billion yuan in 2024 [3][8] - The net profit attributable to shareholders was 37.11 billion yuan in 2022, increasing to 42.68 billion yuan in 2023, and projected to be 43.47 billion yuan in 2024 [3][8] - The earnings per share (EPS) is expected to rise from 3.13 yuan in 2023 to 3.19 yuan in 2024 [3][8] Market Position - The company sold 678.5 million hectoliters of beer in the first three quarters of 2024, a decrease of 6.98% year-on-year, with an average price per ton of 4268.1 yuan, which is a slight increase of 0.49% [5] - The main brand, Tsingtao Beer, saw a sales decline of 6.23%, while the high-end products accounted for 40.96% of total sales, showing a slight increase in market share [5] Cost Management - The comprehensive gross margin for Q3 2024 was 42.12%, an increase of 1.19 percentage points year-on-year, benefiting from cost reductions [6] - The net profit margin was 15.85%, a slight decrease of 0.32 percentage points due to increased sales expenses [6]