Huachuang Securities·2025-08-27 04:11Investment Rating - The report maintains a "Strong Buy" rating for Qingdao Beer, with a target price of 90 CNY and 70 HKD [1][5]. Core Views - Qingdao Beer has shown stable growth against the market trend, with a revenue increase of 2.1% year-on-year to 20.49 billion CNY in H1 2025 and a net profit increase of 7.2% to 3.90 billion CNY [1][5]. - The company is focusing on product structure upgrades, with a notable increase in sales of mid-to-high-end products, contributing to a positive revenue outlook [5][6]. - Cost advantages are being realized, leading to an increase in gross margin to 45.8%, up 3.0 percentage points year-on-year [5][6]. - The new management team is expected to drive the company's high-end product strategy, with a focus on expanding sales channels and introducing innovative products [5][6]. Financial Summary - For 2025, the projected total revenue is 33.16 billion CNY, with a year-on-year growth of 3.2% [1][6]. - The net profit for 2025 is estimated at 4.73 billion CNY, reflecting an 8.9% increase compared to the previous year [1][6]. - Earnings per share (EPS) is projected to be 3.47 CNY for 2025, with a price-to-earnings (P/E) ratio of 20 [1][6]. - The company’s asset-liability ratio stands at 41.24%, indicating a stable financial position [2][6].