Tsingtao Brewery(600600) 江海证券·2024-11-17 09:02Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [9]. Core Views - The company reported a revenue of 28.959 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.52%, while the net profit attributable to shareholders was 4.990 billion yuan, an increase of 1.67% year-on-year [5]. - The sales volume for the first three quarters was 6.785 million kiloliters, down 6.98% year-on-year, indicating pressure on sales primarily due to weak performance in the catering sector [5]. - The average price per ton for the first three quarters was 4,268.13 yuan per kiloliter, reflecting a slight year-on-year increase of 0.50% [5]. Financial Performance Summary - The company achieved a gross margin of 42.12% in Q3 2024, with a net margin of 15.85%, showing a year-on-year increase in gross margin but a decrease in net margin [5]. - The projected revenues for 2024 to 2026 are 32.753 billion yuan, 33.839 billion yuan, and 35.913 billion yuan respectively, with expected growth rates of -3.5%, +3.3%, and +6.1% [8]. - The projected net profits for the same period are 4.349 billion yuan, 5.039 billion yuan, and 5.438 billion yuan, with growth rates of 1.9%, 15.9%, and 7.9% respectively [8].