结构升级延续，期待成本改善

Investment Rating - The investment rating for Qingdao Beer is maintained at "Buy - A" with a target price of 110 CNY for the next six months, which corresponds to a PE ratio of 29 times for 2024 [2][6]. Core Views - The report indicates that Qingdao Beer achieved a revenue of 33.937 billion CNY in 2023, representing a year-on-year increase of 5.49%, while the net profit attributable to shareholders was 4.268 billion CNY, up 15.02% year-on-year [1][2]. - The company experienced a slight decline in sales volume, down 0.82% year-on-year to 8.007 million kiloliters, primarily due to a high base, a shorter summer season, and unexpected events [1][2]. - The report highlights a continued trend of product structure upgrading, with mid-to-high-end products seeing a sales increase of 10.5% year-on-year [1][2]. - Cost pressures are expected to ease, with a gross margin increase of 1.73 percentage points to 38.51% in 2023, and a forecast for improved profit margins due to better raw material supply and demand dynamics [1][2]. Financial Summary - The projected revenue growth rates for 2024-2026 are 6.6%, 6.7%, and 6.1%, respectively, while profit growth rates are expected to be 21.1%, 16.4%, and 9.7% [1][6]. - The company's net profit margin for 2023 was 12.58%, reflecting a year-on-year increase of 2.61 percentage points [1][2]. - The report provides a detailed financial forecast, including expected earnings per share (EPS) of 3.80 CNY for 2024 and a projected price-to-earnings (PE) ratio of 22.4 for the same year [4][6].