中国市场高端化引领增长 韩国市场承压

Investment Rating - The report maintains an "Outperform" rating for Budweiser APAC, indicating an expected price increase of 10-20% in the next six months [2]. Core Insights - The company reported a revenue of USD 6.856 billion in 2023, reflecting a year-on-year growth of 11.1% on an organic basis, while net profit decreased by 7% to USD 852 million [4]. - The report highlights the strong growth potential in the high-end product segment in the Chinese market, driven by a structural upgrade, while the Korean market faces competitive pressures [4][5]. - The forecast for net profit from 2024 to 2026 is adjusted to USD 1.028 billion, USD 1.165 billion, and USD 1.293 billion, respectively, with expected growth rates of 21%, 13%, and 11% [4]. Financial Performance Summary - In 2023, Budweiser APAC achieved a beer sales volume of 9.2767 million tons, a 4.6% increase year-on-year, with revenue per ton rising to USD 739, up 6.2% [4]. - The EBITDA for 2023 was USD 2.023 billion, a 4.7% increase, with an EBITDA margin of 29.5%, slightly down by 0.3 percentage points [4]. - The company plans to continue expanding its distribution of high-end products, with a total of 220 cities in China and 63 cities for ultra-premium products by the end of 2023 [4].