啤酒行业2023年报&2024一季报综述：产品结构升级趋势不改，成本红利有望持续释放

Investment Rating - The industry investment rating is "Outperform the Market" [1][20] Core Viewpoints - The beer industry continues to experience a trend of product structure upgrades, with a slight increase in sales and a stable rise in net profit margin [2][3] - In Q1 2024, the growth rate of beer prices has narrowed, but cost benefits are expected to continue, leading to an acceleration in profit levels [2][4] - The report suggests actively positioning in the market, recommending stable companies like Qingdao Beer and focusing on reform-driven companies like Yanjing Beer [4] Summary by Sections Industry Overview - In 2023, the six major beer companies reported a total revenue of 153.8 billion yuan, a year-on-year increase of 6.3% [3] - Total sales volume for these companies reached 36.78 million kiloliters, up 2.2% year-on-year [3] - The average price per ton for these companies was 4,182 yuan, reflecting a 4.0% year-on-year increase [3] Cost and Profitability - The average cost per ton for the six major beer companies rose by 2.3% to 2,351 yuan in 2023 due to increasing raw material prices [3] - Despite cost pressures, the beer sector's gross profit margin improved by 0.8 percentage points to 40.8% [3] - The net profit margin for the beer sector increased by 0.9 percentage points to 12.3% in 2023 [3] Q1 2024 Performance - In Q1 2024, the revenue of major beer companies decreased by 0.4% year-on-year, with sales volume down 4.1% and price up 3.5% [3] - The cost per ton increased by only 0.2% year-on-year, indicating a significant reduction in cost growth compared to 2023 [3] - The net profit margin for Q1 2024 improved by 2.2 percentage points year-on-year, significantly better than in 2023 [3] Investment Recommendations - The report anticipates a performance pattern for beer companies in 2024 that is lower in the first half and higher in the second half, driven by ongoing cost benefits [4] - It is recommended to actively invest in Qingdao Beer and to pay attention to Yanjing Beer, which is making significant reforms [4]