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【青岛啤酒(600600.SH)】以消费者为中心,追求量利齐升——跟踪报告(陈彦彤/汪航宇/聂博雅)
光大证券研究· 2025-05-23 14:03
Core Viewpoint - The new management team emphasizes a consumer-centric approach and sales growth, continuing the previous strategic framework while introducing new initiatives to adapt to market demands [3][4]. Group 1: New Management Strategy - The new management strategy focuses on "beer + biotechnology + health" as strategic areas for future development [3]. - The company aims to deepen its presence in both domestic and international markets [3]. - A product development strategy termed "1+1+1+2+N" will be implemented to enhance product offerings [3]. - Brand communication will be strengthened to improve consumer experience [3]. - The "Five New" framework (new products, new channels, new scenarios, new demographics, new demands) will support the cultivation of new growth points [3]. - Digital transformation will be accelerated to adapt to changing market conditions [3]. - The company plans to solidify its core business while exploring new ventures [3]. Group 2: Focus on Consumer Demand - The beer industry is characterized by stable overall volume and structural upgrades, with a projected per capita beer consumption in China of 30.5 liters in 2024, indicating significant growth potential [4]. - There is a growing demand for mid-range and premium beers, driven by consumer preferences for quality, personalized experiences, and value for money [4]. - The company aims to meet evolving consumer needs through new products, channels, and scenarios, targeting demographics such as Generation Z, women, high-net-worth individuals, and the elderly [4]. Group 3: Emphasis on Sales Growth - The product strategy includes a focus on classic, pure draft, and white beer as core growth products, alongside the development of fresh products and high-end offerings [5]. - The southern market is identified as a growth highlight, with new consumption scenarios and product launches showing initial success [5]. - International expansion will target potential markets in South Korea, Mongolia, Kazakhstan, and West Africa to drive overall sales growth [5].