Huachuang Securities·2025-05-21 00:20Investment Rating - The report maintains a "Strong Buy" rating for Qingdao Beer, with a target price of 90 CNY and 70 HKD [1][6]. Core Views - The new management team, led by Chairman Jiang Zongxiang, emphasizes "innovation-driven, quality improvement, and high-quality development" as the core strategy for the company [1]. - The company aims to enhance its market share in the southern regions and diversify its product offerings, including health-oriented beers and premium spirits [6]. - The report expresses confidence in achieving sales growth in the upcoming peak season, supported by cost advantages and strategic initiatives [6]. Financial Summary - Total revenue projections are as follows: 32,138 million CNY for 2024, with a decline of 5.3%, followed by growth of 4.7% in 2025, 2.7% in 2026, and 2.0% in 2027 [2]. - Net profit attributable to shareholders is expected to be 4,345 million CNY in 2024, with a growth rate of 1.8%, increasing to 4,875 million CNY in 2025, reflecting a 12.2% growth [2]. - Earnings per share (EPS) are projected to be 3.19 CNY in 2024, increasing to 3.57 CNY in 2025 [2]. Strategic Initiatives - The company is focusing on enhancing its product development and market presence, particularly in the northern market, while also addressing weaknesses in the southern market [6]. - Plans include the acquisition of a yellow wine brand to diversify offerings and the development of a whiskey line to tap into the premium market segment [6]. - The company is also investing in online and fresh retail channels to improve supply chain efficiency and meet diverse consumer demands [6]. Market Performance - The report notes that the beer industry is entering a phase of volume stabilization, with a continued focus on premiumization despite short-term competitive pressures [6]. - The company is expected to benefit from a recovery in sales volume and cost efficiencies, leading to resilient performance in the medium to long term [6].