Investment Rating - The report maintains a "Buy" rating for Qingdao Beer [2] Core Views - The company reported a total revenue of 20.068 billion yuan for the first half of 2024, a year-on-year decrease of 7.06%, while the net profit attributable to shareholders increased by 6.31% to 3.642 billion yuan [2][3] - The sales volume slightly declined, but the upgrade in product structure led to an increase in average selling price [3] - The company's profitability continues to improve, with gross margin and net margin both increasing in the first half of 2024 [4] Summary by Sections Financial Performance - In H1 2024, total revenue was 20.068 billion yuan, down 7.06% year-on-year, while net profit attributable to shareholders was 3.642 billion yuan, up 6.31% [2] - In Q2 2024, total revenue was 9.918 billion yuan, down 8.89% year-on-year, with net profit of 2.044 billion yuan, up 3.55% [2] Sales Volume and Product Structure - In H1 2024, beer sales volume was 4.63 million kiloliters, down 7.8% year-on-year, with the main brand Qingdao Beer sales at 2.61 million kiloliters, down 7.2% [3] - The proportion of mid-to-high-end products increased to 41.0%, up 1.6 percentage points year-on-year, contributing to a 1.0% increase in average selling price to 4.28 yuan per liter [3] Profitability - In H1 2024, the net profit margin was 18.15%, and the gross margin was 41.60%, both up year-on-year by 2.28 and 2.39 percentage points respectively [4] - In Q2 2024, the net profit margin was 20.61%, and the gross margin was 42.80%, both showing continued improvement [4] Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 4.594 billion, 4.956 billion, and 5.250 billion yuan respectively, with growth rates of 7.64%, 7.88%, and 5.95% [4]

公司报告 | 半年报点评 需求承压拖累吨价，成本红利释放保障盈利 公 司 公 告 ： 2024H1 营业收入 / 归 母 净 利 / 扣 非 归 母 净 利 分 别 为 200.68/36.42/34.27 亿元（同比-7.06%/+6.31%/+6.15%）。2024Q2 营业收入/ 归母净利 / 扣 非 归 母 净 利 分 别 为 99.18/20.44/19.14 亿元（同比 -8.89%/+3.55%/+1.87%）。 青岛啤酒（600600） 证券研究报告 2024 年 09 月 03 日 投资评级 行业 食品饮料/非白酒 6 个月评级 买入（维持评级） 当前价格 57.05 元 目标价格 元 高基数+餐饮疲软+主动控库存，Q2 销量承压。 分产品看，H1 销量 463 万千升，同比-7.8%；青岛品牌同比-7.2%，中高档 同比-4%（占比同比+1.6pct），类经典等中低档同比-15%，其他品牌销量同 比-8.6%。 Q2 总销量同比-8.0%，青岛品牌同比-8.7%、中高档同比-5.5%（占 比同比+1pct）、类经典同比-16.2%、其他品牌同比-7.3%。 需求+货折影响，Q2 吨收入负增 ...

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 青岛啤酒（600600）公司半年报点评 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------|-------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 03 日收盘价（元） ] | 57.83 | | 52 周股价波动（元） | 56.36-95.46 | | 总股本 / 流通 A 股（百万股） | 1364/709 | | 总市值 / 流通市值（百万元） | 78892/41003 | | 相关研究 | | | [Table_ReportInfo] 《高基数平稳渡过，旺季将至弹性可期》 | | | 2024.05.07 | | | 《高端化趋势不改，毛利率提升亮眼》 | | | 2024.03.29 | | | 《短期销量波动，结构升级亮眼》 市场表现 | 2023.11.03 | 青岛啤酒 海通综指 ...

[ T able_StockInfo] 2024 年 08 月 30 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：59.45 元 青岛啤酒（600600）食品饮料 目标价：——元（6 个月） 销量阶段性承压，成本端持续改善 [Table_Summary 事件：公司发布] 2024 年中报，24H1 实现收入 200.7 亿元，同比-7.1%，实现 归母净利润 36.4元，同比+6.3%；其中 24Q2实现收入 99.2亿元，同比-8.9%， 实现归母净利润 20.4 亿元，同比+3.6%；公司利润端符合市场预期。 高基数+大环境影响下，Q2 量价均有所承压。量方面，公司 24Q2 实现啤酒销 量 244.6万吨，同比下降 8%；销量承压主要系去年同期存在高基数效应，叠加 Q2 以来餐饮消费复苏较为缓慢以及部分地区雨涝频发所致。分档次看，24Q2 主品牌实现销量 128.8万吨，同比-8.7%，其中中高端啤酒实现销量 93.6万吨， 同比-5.5%；其他品牌实现销量 116 万吨，同比-7.3%。价方面，因整体啤酒需 求恢复疲软拖累产品结构升级，公司整体吨价同比-0.9%至 4055 元/吨 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The beer industry landscape is clear and stable, with the company expected to continue benefiting from its base markets in Shandong and North China, despite short-term pressure on prices due to macroeconomic challenges [3] - The company reported a revenue of 20.068 billion yuan in the first half of 2024, a year-on-year decrease of 7.1%, while the net profit attributable to the parent company was 3.641 billion yuan, an increase of 6.3% year-on-year [1][2] - The company’s Q2 revenue slightly declined by 8.9% year-on-year to 9.918 billion yuan, with sales volume down by 8.0% to 2.45 million kiloliters [1] Summary by Sections Revenue and Profitability - In H1 2024, the company achieved a revenue of 20.068 billion yuan, down 7.1% year-on-year, and a net profit of 3.641 billion yuan, up 6.3% year-on-year [1] - The Q2 revenue was 9.918 billion yuan, reflecting an 8.9% decline year-on-year, with a sales volume of 2.45 million kiloliters, down 8.0% [1] - The average revenue per kiloliter was 4,055 yuan, a slight decrease of 0.9% year-on-year [1] Regional Performance - Revenue contributions from various regions in H1 2024 were as follows: Shandong (12.911 billion yuan, -4% YoY), North China (3.739 billion yuan, -8% YoY), East China (1.357 billion yuan, -17% YoY), South China (1.465 billion yuan, -10% YoY), Southeast (356 million yuan, -30% YoY), and other overseas regions (236 million yuan, -33% YoY) [1] - Shandong and North China showed profit growth of 19% and 11% year-on-year, respectively, while profits in East China and South China declined by 53% and 6% year-on-year [1] Cost and Margin Analysis - The company’s net profit margin improved to 20.6% in Q2 2024, up 2.5 percentage points year-on-year, with a gross margin of 42.8%, an increase of 2.7 percentage points year-on-year [2] - The cost per kiloliter decreased by 5.4% year-on-year, contributing to the improvement in gross margin [2] Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 3.29 yuan, 3.54 yuan, and 3.89 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 18, 17, and 15 [3]

青岛啤酒股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------|-----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | 特定对象调研 \n媒体采访 \n新闻发布会 现场参观 | 分析师会议 \n业绩说明会 \n路演活动 \n其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 境内外投资者 | | | 时间 | 202 4 年 8 月 30 | 日 15:00-16:00 | | 地点及会议召开方式 | 全景网"投资者关系互动平台"（ 网络文字互动 | https://ir.p5 ...

Investment Rating - The investment rating for Qingdao Beer is "Accumulate" (maintained) [2] Core Views - The company is experiencing pressure on sales and structure, awaiting industry recovery [1] - Revenue for H1 2024 is reported at 20.07 billion, a year-on-year decline of 7.1%, while net profit attributable to shareholders is projected to be 4.591 billion for 2024, reflecting a growth of 7.6% [6][10] - The report highlights that the beer sales volume has decreased by 7.8% in H1 2024, with a slight increase in ton price by 0.9% [7] - The company anticipates profit growth in H2 2024 due to lower base effects and decreasing raw material costs [9] Summary by Sections Financial Performance - H1 2024 revenue is 20.07 billion, down 7.1% year-on-year; net profit attributable to shareholders is 4.591 billion, up 7.6% [6][10] - Q2 2024 revenue is 9.92 billion, down 8.9% year-on-year, with net profit attributable to shareholders at 2.04 billion, up 3.6% [6] - The company has adjusted its net profit forecasts for 2024-2026 to 4.591 billion, 5.041 billion, and 5.365 billion respectively [6] Sales and Market Dynamics - Beer sales volume in H1 2024 decreased by 7.8%, with a ton price increase of 0.9% [7] - The main and sub-brands saw sales declines of 7.2% and 8.6% respectively, while mid-to-high-end beer sales fell by 4.0% [7] - The report indicates that the demand for high-end beers priced above 10 yuan is weak, while the 7-10 yuan segment performs relatively better [7] Cost and Profitability - Q2 2024 net profit margin increased by 2.18 percentage points, with gross margin up by 2.71 percentage points due to lower costs of barley and packaging materials [8] - The report notes that the decrease in raw material costs is expected to positively impact profitability in H2 2024 [9] Future Outlook - The company is expected to maintain profit growth in H2 2024, supported by a lower base and decreasing costs [9] - The overall beer market is facing challenges due to adverse weather and declining dining demand, but the company is actively promoting its products [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [4][9]. Core Views - The company reported a revenue of 20.07 billion RMB for the first half of 2024, a decrease of 7.1% year-on-year, while the net profit attributable to the parent company was 3.64 billion RMB, an increase of 6.3% year-on-year [4][6]. - The main brand's performance was subdued, with a decline in sales volume and pressure on unit prices in the second quarter of 2024 [4][6]. - Cost benefits are accelerating, leading to improved profitability despite revenue declines, with a focus on high-quality development and inventory management [4][6]. Summary by Sections Financial Performance - In 1H24, the company achieved a revenue of 20.07 billion RMB, down 7.1% year-on-year, with a net profit of 3.64 billion RMB, up 6.3% year-on-year [4][6]. - The average selling price per ton in 1H24 was 4,335 RMB, with sales volume decreasing by 7.8% to 463 million hectoliters [4][6]. - The gross margin improved to 41.6%, up 2.4 percentage points year-on-year, due to a significant reduction in unit costs [4][6]. Cost and Expenses - The unit cost in 2Q24 decreased by 5.4% year-on-year, contributing to a 3.1% reduction in unit costs for 1H24 [4][6]. - Selling expenses were managed prudently, with a slight decrease in the selling expense ratio [4][6]. Future Outlook - Short-term revenue growth may face challenges due to weak consumer demand, but the company expects double-digit growth in net profit for 2024 due to cost benefits [4][6]. - The company is committed to high-quality development and has been enhancing inventory management, which is expected to support stable operations in the future [4][6]. Valuation - The adjusted earnings per share (EPS) estimates for 2024-2026 are 3.45 RMB, 3.73 RMB, and 3.99 RMB, representing year-on-year growth rates of 10.1%, 8.3%, and 7.0% respectively [5][6]. - The price-to-earnings (P/E) ratios for the same period are projected at 17.3, 15.9, and 14.9 times [5][6].

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer [5] Core Views - The company reported a decline in revenue for H1 2024, with a total of 20.07 billion yuan, down 7.1% year-on-year, while net profit increased by 6.3% to 3.64 billion yuan [2] - The report indicates that the company is facing pressure on both volume and price due to weak demand, but cost relief is improving profitability [2][3] - New product launches in the high-end segment are expected to gradually alleviate the pressure from high base effects, leading to improved performance in the second half of the year [3] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 20.07 billion yuan, a decrease of 7.1% year-on-year, while net profit reached 3.64 billion yuan, an increase of 6.3% [2] - In Q2 2024, revenue was 9.92 billion yuan, down 8.9% year-on-year, with net profit at 2.04 billion yuan, up 3.5% [2] - Sales volume for H1 2024 was 4.63 million kiloliters, down 7.8% year-on-year, with a sales price of 4,334 yuan per kiloliter, up 0.8% [2] Cost and Profitability - The gross margin for H1 2024 was 41.6%, an increase of 2.4 percentage points year-on-year, attributed to a decline in raw material prices [2] - The net profit margin for H1 2024 reached 18.54%, up 2.42 percentage points year-on-year [2] Future Outlook - The report forecasts a gradual easing of base pressure, with expectations for improved performance in the second half of 2024 due to ongoing cost benefits and new product introductions [3] - The projected net profit for 2024-2026 has been adjusted to 4.61 billion, 4.95 billion, and 5.25 billion yuan respectively, reflecting a downward revision of 8%, 14%, and 17% [3]

Investment Rating - The investment rating for Qingdao Beer (600600) is "Buy" (maintained) [7][11]. Core Views - The report indicates that due to weak consumption recovery, the company's revenue for 2024-2026 is projected to be 33.393 billion, 34.715 billion, and 36.064 billion yuan, reflecting year-on-year changes of -1.60%, +3.96%, and +3.89% respectively. The net profit attributable to the parent company is expected to be 4.629 billion, 4.986 billion, and 5.321 billion yuan, with year-on-year growth rates of 8.45%, 7.72%, and 6.71% respectively. The corresponding three-year CAGR is 7.63%, with PE valuations of 18, 16, and 15X for 2024-2026 [3][11]. Summary by Sections Financial Performance - In H1 2024, Qingdao Beer achieved revenue of 20.068 billion yuan, a decrease of 7.06% year-on-year, and a net profit of 3.642 billion yuan, an increase of 6.31% year-on-year. The Q2 2024 revenue was 9.918 billion yuan, down 8.89% year-on-year, with a net profit of 2.044 billion yuan, up 3.55% year-on-year [11][12]. Sales and Pricing - The company sold 4.63 million kiloliters in H1 2024, a decrease of 7.82% year-on-year. The average price per ton was 4,334.41 yuan, an increase of 0.83% year-on-year, while the cost per ton was 2,531.15 yuan, a decrease of 3.14% year-on-year. In Q2 2024, the sales volume was 2.446 million kiloliters, down 8.05% year-on-year, with an average price of 4,054.90 yuan, down 0.91% year-on-year [11][12]. Profitability - The gross margin for Q2 2024 was 42.79%, an increase of 2.71 percentage points year-on-year, attributed to cost improvements. The net profit margin was 20.61%, up 2.47 percentage points year-on-year [11][12]. Future Outlook - The report anticipates that the cost benefits will continue, supporting the "Buy" rating. The company is positioned as a leader in the high-end domestic beer market, with room for price increases in the future [3][11].