Investment Rating - The investment rating for the company is "Add" [2][9] Core Views - The company reported a 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 was 3.642 billion yuan, an increase of 6.31% [6] - The second quarter of 2024 saw revenue of 9.918 billion yuan, down 8.89% year-on-year, but net profit attributable to shareholders increased by 3.55% to 2.044 billion yuan [6][9] - Despite weak consumer demand and inventory reduction at the factory level impacting sales, the company maintained a resilient upgrade capability with a total sales volume of 4.63 million tons, a year-on-year increase of 7.82% [7][9] Summary by Sections Market Data - Closing price as of August 29, 2024, was 57.90 yuan, with a total share capital of 1,364.20 million shares and a net asset value of 28,393.99 million yuan [3] Financial Performance - For 2024, the company expects revenues of 33.059 billion yuan, 33.551 billion yuan, and 34.025 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 4.741 billion yuan, 5.333 billion yuan, and 5.897 billion yuan [10] - The gross profit margin is projected to improve from 38.7% in 2023 to 44.5% in 2026 [10] Profitability and Cost Management - The net profit margin for Q2 2024 increased by 2.70 percentage points to 21.15%, with a gross margin of 42.79% [8] - The company is expected to benefit from cost elasticity due to declining raw material costs, which will support profit growth in the upcoming quarters [9] Long-term Outlook - The company is positioned as a quality investment with both offensive and defensive characteristics, supported by resilient upgrades and expected increases in dividend yield [9]

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer (600600.SH) [2][3] Core Views - The company achieved revenue of 20.07 billion yuan in H1 2024, a year-on-year decrease of 7.1%, while net profit attributable to shareholders was 3.64 billion yuan, an increase of 6.3% year-on-year [1] - The company’s beer sales volume in Q2 2024 was 2.45 million kiloliters, down 8.0% year-on-year, with the Qingdao brand experiencing a decline of 8.7% [1] - The report highlights that the company’s cost per ton decreased by 5.4% in Q2 2024, contributing to a gross margin increase of 2.7 percentage points to 42.8% [1] - Despite short-term sales pressure, the profit side is expected to maintain stable performance, with a proposed increase in dividend payout to enhance shareholder returns [1] Summary by Sections Financial Performance - H1 2024 revenue was 20.07 billion yuan, down 7.1% year-on-year; net profit was 3.64 billion yuan, up 6.3% year-on-year [1] - Q2 2024 revenue was 9.92 billion yuan, down 8.9% year-on-year; net profit was 2.04 billion yuan, up 3.5% year-on-year [1] - The company’s beer sales volume in Q2 2024 was 2.45 million kiloliters, down 8.0% year-on-year [1] Cost and Profitability - The cost per ton decreased by 5.4% in Q2 2024, mainly due to lower raw material and packaging costs [1] - Gross margin increased by 2.7 percentage points to 42.8% in Q2 2024 [1] - Net profit margin increased by 2.7 percentage points to 21.1% in Q2 2024 [1] Future Outlook - The report anticipates that the company will achieve net profits of 4.86 billion yuan, 5.50 billion yuan, and 6.13 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 13.8%, 13.2%, and 11.4% [2] - The company plans to steadily increase its dividend payout ratio, which was 63.93% in 2023, to enhance shareholder returns [1]

Financial Performance - Revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.06% compared to the same period last year[11] - Net profit attributable to shareholders of the listed company was RMB 3,641,652,772, an increase of 6.31% year-on-year[11] - Net cash flow from operating activities increased by 24.20% to RMB 5,713,872,510[11] - Basic earnings per share (EPS) for the reporting period was RMB 2.672, up 6.20% compared to the same period last year[12] - Total assets as of the end of the reporting period were RMB 52,805,909,965, an increase of 7.21% compared to the end of the previous year[11] - The weighted average return on equity (ROE) was 12.44%, a slight decrease of 0.14 percentage points compared to the same period last year[12] - The company's net assets attributable to shareholders of the listed company increased by 3.44% to RMB 28,393,988,614[11] - Domestic beer market consumption recovery was weak in the first half of 2024, with industry-wide production reaching 19.088 million kiloliters, a year-on-year increase of 0.1%[16] - The company achieved product sales of 4.63 million kiloliters, with revenue of RMB 20.07 billion and net profit attributable to shareholders of RMB 3.64 billion, a year-on-year increase of 6.31%[16] - The company's main brand achieved sales of 2.61 million kiloliters, with mid-to-high-end products accounting for 1.896 million kiloliters, driving a 1.0% year-on-year increase in revenue per kiloliter[17] - The company's R&D expenses increased by 32.70% year-on-year, driven by increased investment in new product development[18] - The company's operating cash flow increased by 24.20% year-on-year, mainly due to reduced raw material costs and tax payments[19] - The company's monetary funds increased by 26.89% year-on-year, accounting for 46.33% of total assets[21] - The company's inventory decreased by 37.49% year-on-year, reflecting improved inventory management[21] - The company's other non-current financial assets increased by 74.84% year-on-year, indicating strategic financial investments[21] - The company's monetary funds increased by 26.89% compared to the beginning of the period, primarily due to net cash inflows from operating activities[22] - Trading financial assets increased by 46.18% compared to the beginning of the period, mainly due to an increase in structured deposits and other debt instruments[22] - Accounts receivable increased by 39.16% compared to the beginning of the period, driven by an increase in receivables from subsidiaries[22] - Inventory decreased by 37.49% compared to the beginning of the period, as some subsidiaries entered the peak sales season[22] - Other non-current financial assets increased by 74.84% compared to the beginning of the period, due to the purchase of bank-issued bonds by a subsidiary[22] - Construction in progress increased by 59.42% compared to the beginning of the period, due to relocation and expansion projects by some subsidiaries[22] - Other non-current assets increased by 129.05% compared to the beginning of the period, due to prepayments for engineering and equipment procurement by subsidiaries[22] - The company's debt-to-capital ratio was 0% as of June 30, 2024, unchanged from December 31, 2023[23] - The company invested approximately 1.045 billion yuan in capital projects during the first half of 2024, including new construction, relocation, and expansion projects[24] - The fair value of the company's financial assets, including structured deposits, bonds, and funds, totaled 5.335 billion yuan as of the end of the reporting period[25] - Total investment in funds amounted to 3,371,461 units, with a net value of 2,277,041 units, showing a decrease of 71,501 units[28] - The company held 2,802,545 units of trading financial assets, with a total value of 595,997 units[28] - Total assets increased to RMB 52.805 billion as of June 30, 2024, up from RMB 49.256 billion at the end of 2023[78] - Cash and cash equivalents rose to RMB 24.467 billion, a 26.9% increase compared to RMB 19.282 billion at the end of 2023[78] - Trade receivables grew to RMB 139.7 million, a 39.2% increase from RMB 100.4 million at the end of 2023[78] - Inventory decreased to RMB 2.213 billion, down 37.5% from RMB 3.540 billion at the end of 2023[78] - Total liabilities increased to RMB 23.590 billion, up 12.3% from RMB 21.001 billion at the end of 2023[79] - Contract liabilities decreased to RMB 5.560 billion, down 27.7% from RMB 7.691 billion at the end of 2023[79] - Shareholders' equity increased to RMB 29.216 billion, up 3.4% from RMB 28.255 billion at the end of 2023[79] - Retained earnings grew to RMB 21.247 billion, a 4.5% increase from RMB 20.334 billion at the end of 2023[79] - Fixed assets decreased to RMB 10.820 billion, down 2.9% from RMB 11.146 billion at the end of 2023[78] - Construction in progress increased to RMB 794.9 million, up 59.4% from RMB 498.6 million at the end of 2023[78] - Revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.1% compared to RMB 21,591,789,633 in the same period of 2023[81] - Net profit attributable to shareholders of the parent company was RMB 3,641,652,772, an increase of 6.3% compared to RMB 3,425,652,286 in the first half of 2023[81] - Basic earnings per share (EPS) for the first half of 2024 was RMB 2.672, up 6.2% from RMB 2.516 in the same period of 2023[81] - Operating profit for the first half of 2024 was RMB 4,912,043,695, an increase of 6.7% compared to RMB 4,602,276,999 in the first half of 2023[81] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, up 6.7% from RMB 3,487,105,492 in the same period of 2023[81] - R&D expenses increased by 32.7% to RMB 29,405,848 in the first half of 2024 compared to RMB 22,160,455 in the same period of 2023[81] - Interest income rose by 33.4% to RMB 315,777,423 in the first half of 2024 from RMB 236,690,677 in the same period of 2023[81] - Other income increased by 68.6% to RMB 286,034,209 in the first half of 2024 compared to RMB 169,697,462 in the same period of 2023[81] - Income tax expense for the first half of 2024 was RMB 1,188,505,811, up 5.8% from RMB 1,122,838,779 in the same period of 2023[81] - Sales expenses decreased by 9.1% to RMB 2,169,269,528 in the first half of 2024 compared to RMB 2,387,993,047 in the same period of 2023[81] - Sales revenue from goods and services received in cash for the first half of 2024 was RMB 20,708,991,798, a slight decrease from RMB 21,163,135,135 in the same period of 2023[83] - Net cash flow from operating activities for the first half of 2024 increased to RMB 5,713,872,510, up from RMB 4,600,493,439 in the same period of 2023[83] - Net cash flow from investing activities for the first half of 2024 was negative RMB 6,951,897,440, compared to negative RMB 3,727,732,890 in the same period of 2023[83] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, with a significant portion attributed to the parent company's shareholders[85] - The company's total equity as of June 30, 2024, was RMB 29,215,608,926, up from RMB 28,254,747,175 at the beginning of the year[85] - Cash received from tax refunds in the first half of 2024 was RMB 18,723,526, a significant increase from RMB 2,971,662 in the same period of 2023[83] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets in the first half of 2024 was RMB 1,045,436,663, up from RMB 640,345,509 in the same period of 2023[83] - The company's undistributed profits as of June 30, 2024, were RMB 21,247,324,492, up from RMB 20,334,065,296 at the beginning of the year[85] - Cash received from other operating activities in the first half of 2024 was RMB 735,366,385, compared to RMB 527,646,468 in the same period of 2023[83] - The company's cash and cash equivalents at the end of June 2024 were RMB 7,959,172,830, down from RMB 9,292,085,271 at the beginning of the year[83] - Share capital remained stable at 1,364,232,790 RMB in 2023, with a slight decrease to 1,364,196,788 RMB in 2024 due to share repurchases[86][88] - Capital reserve increased by 62,926,564 RMB (1.5%) in 2023 and 22,346,243 RMB (0.4%) in 2024, reaching 4,217,003,541 RMB and 5,293,375,615 RMB respectively[86][88] - Treasury stock decreased by 17,697,593 RMB (10.3%) in 2023 and 10,359,615 RMB (13.3%) in 2024, totaling 154,157,067 RMB and 67,284,191 RMB respectively[86][88] - Comprehensive income for 2023 was 7,174,606 RMB, contributing to a total comprehensive income of 3,425,652,286 RMB for the year[86] - Retained earnings grew by 970,033,264 RMB (5.2%) in 2023 but decreased by 386,826,735 RMB (4.4%) in 2024, ending at 19,498,424,119 RMB and 8,444,582,131 RMB respectively[86][88] - Total equity increased from 16,597,457,346 RMB to 16,304,000,733 RMB in 2023, and decreased slightly to 16,348,128,723 RMB in 2024[89][88] - The company repurchased and canceled 36,002 shares in 2023, reducing total shares to 1,364,196,788[91] - Profit distribution to shareholders amounted to 2,455,619,022 RMB in 2023 and 2,728,393,576 RMB in 2024[86][88] - Share-based compensation contributed 62,637,798 RMB to capital reserve in 2023 and 22,343,836 RMB in 2024[86][88] Market and Operations - The company operates 57 wholly-owned and controlled beer production enterprises across 20 provinces, municipalities, and autonomous regions in China[15] - Tsingtao Beer is sold in over 120 countries and regions worldwide, making it one of the most internationally recognized Chinese brands[15] - The company's products are sold in over 120 countries and regions, with rapid growth in Eastern Europe, the Middle East, and the South Pacific[17] - The company launched new products such as "Nika White Beer, Whole Wheat Augustiner A6 and A3, and Alcohol-Free White Beer" to meet diverse consumer demands[17] Environmental and Sustainability - Qingdao Beer Factory's COD emission concentration is 980 mg/L, with a total emission of 341.3 tons, and a permitted annual emission of 6763.75 tons[38] - Qingdao Beer Second Factory's COD emission concentration is 1300 mg/L, with a total emission of 814.7 tons, and a permitted annual emission of 2625.0 tons[38] - Qingdao Beer Third Factory's COD emission concentration is 1680 mg/L, with a total emission of 1069.914402 tons, and a permitted annual emission of 12724.7 tons[38] - Qingdao Beer Fourth Factory's COD emission concentration is 1310 mg/L, with a total emission of 284.3 tons, and a permitted annual emission of 675 tons[38] - Qingdao Beer Fifth Factory's COD emission concentration is 911 mg/L, with a total emission of 223.6778 tons, and a permitted annual emission of 4278.63 tons[38] - Qingdao Beer (Shouguang) Co., Ltd.'s COD emission concentration is 1200 mg/L, with a total emission of 180.7 tons, and a permitted annual emission of 1481.69 tons[38] - All factories' emissions are within the permitted limits, with no超标排放情况 reported[38] - Wastewater treatment compliance across all Qingdao Beer subsidiaries with no超标排放 reported[39] - COD levels in treated wastewater range from 2.814092 to 352.6 mg/L across different subsidiaries[39] - Ammonia nitrogen levels in treated wastewater range from 0.098874 to 9.02 mg/L across different subsidiaries[39] - Total phosphorus levels in treated wastewater range from 0.018012 to 0.6071 mg/L across different subsidiaries[39] - Total nitrogen levels in treated wastewater range from 0.359127 to 6.37 mg/L across different subsidiaries[39] - COD discharge limits range from 509.10 to 1754.46 mg/L across different subsidiaries[39] - Ammonia nitrogen discharge limits range from 16.45 to 126.00 mg/L across different subsidiaries[39] - Total phosphorus discharge limits range from 3.29 to 24.44 mg/L across different subsidiaries[39] - Total nitrogen discharge limits range from 20.61 to 213.82 mg/L across different subsidiaries[39] - All subsidiaries adhere to the Beer Industrial Pollutant Discharge Standard (GB 19821-2005) and the Water Quality Standard for Sewage Discharged into Urban Sewer (GB/T 31962-2015)[39] - Wastewater treatment at Qingdao Beer (Suizhou) Co., Ltd. shows COD levels at 1690, ammonia nitrogen at 16.8, total phosphorus at 4.13, and total nitrogen at 25.3, all within acceptable limits[40] - Qingdao Beer (Huangshi) Co., Ltd. reports COD levels at 117, ammonia nitrogen at 29.6, total phosphorus at 0.86, and total nitrogen at 33.7, compliant with discharge standards[40] - Qingdao Beer (Ma'anshan) Co., Ltd. achieves COD levels at 333, ammonia nitrogen at 18.3, total phosphorus at 0.59, and total nitrogen at 22, meeting regulatory requirements[40] - Qingdao Beer Shanghai Songjiang Manufacturing Co., Ltd. maintains COD levels at 78, ammonia nitrogen at 7.69, total phosphorus at 0.39, and total nitrogen at 17.3, within permissible limits[40] - Qingdao Beer (Yangzhou) Co., Ltd. records COD levels at 855, ammonia nitrogen at 16.8, total phosphorus at 1.75, and total nitrogen at 43.4, all within acceptable ranges[40] - Qingdao Beer (Xuzhou) Pengcheng Co., Ltd. shows COD levels at 2090, ammonia nitrogen at 16.1, total phosphorus at 2.88, and total nitrogen at 32, compliant with discharge standards[40] - Qingdao Beer (Xuzhou) Co., Ltd. reports COD levels at 453, ammonia nitrogen at 16.2, total phosphorus at 4.30, and total nitrogen at 19.3, within permissible limits[40] - Qingdao Beer (Suqian) Co., Ltd. maintains COD levels at 142, ammonia nitrogen at 6.81, total phosphorus at 0.37, and total nitrogen at 10, meeting regulatory requirements[40] - Qingdao Beer (Kunshan) Co., Ltd. achieves COD levels at 167, ammonia nitrogen at 10.5, total phosphorus at 2.66, and total nitrogen at 38.2, all within acceptable ranges[40] - Qingdao Beer Shanghai Minhang Co., Ltd. records COD levels at 35, ammonia nitrogen at 0.922, total phosphorus at 0.29, and total nitrogen at 5.68, compliant with discharge standards[40] - COD emissions from Qingdao Beer (Fuzhou) Co., Ltd. were 133, with a reduction to 24.31785 after treatment, achieving a reduction rate of 81.7%[41] - Ammonia nitrogen emissions from Qingdao Beer (Jiujiang) Co., Ltd. were 5.11, reduced to 0.7022 after treatment, achieving a reduction rate of 86.3%[41] - Total phosphorus emissions from Qingdao Beer (Zhuhai) Co., Ltd. were 2.4, reduced to 0.439 after treatment, achieving a reduction rate of 81.7%[41] - COD emissions from Shenzhen Qingdao Beer Asahi Co., Ltd. were 1780, reduced to 358.9781 after treatment,

二、董事会会议审议情况 会议由公司董事长黄克兴先生召集并主持，经全体董事审议表决，通过了以 下议案： 1、审议通过公司 2024 年半年度报告（未经审计），授权公司董事会秘书根 据公司上市地交易所上市规则的规定和要求进行相关信息披露。在董事会召开之 前，公司于 2024 年 8 月 28 日召开董事会审计与内控委员会 2024 年第四次会议 审议通过了本项议案，同意将本项议案提交公司董事会审议。 2、审议通过关于公司开展结构性存款业务的议案，同意未来 12 个月(2024 年 9 月 30 日-2025 年 9 月 29 日）开展单日最高余额不超过 60 亿元人民币的结构 性存款业务，期限一年以内，预期收益率不低于青岛啤酒财务有限责任公司同期 的同业存放利率水平。在上述额度范围内，董事会授权公司管理层负责决策及实 施有关事项，包括但不限于：选择具体商业银行作为受托方、明确投资金额、期 限、挂钩衍生产品品种、签署合同及协议等。 上述议案的同意票数均为 8 票，无反对票或弃权票。 证券代码：600600 证券简称：青岛啤酒 公告编号：2024-026 青岛啤酒股份有限公司 第十届董事会第十七次会议决议公告 本公司 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2024-028 青岛啤酒股份有限公司 关于使用自有资金认购结构性存款产品的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 履行的审议程序：青岛啤酒股份有限公司（以下简称"公司"或"本公司"） 第十届董事会第十七次会议、第十届监事会第十七次会议分别审议通过了《关于 公司开展结构性存款业务的议案》，本议案无需提交公司股东会审议。 一、 年度投资计划概况 （一）投资目的 为提升公司闲置自有资金的使用效率、实现公司资本的保值增值，本着稳健、 谨慎的操作原则，在确保公司生产经营资金需求和资金安全的前提下，利用闲置 自有资金进行结构性存款投资。 投资结构性存款的资金来自于公司的闲置自有资金。 （三）产品的基本情况 1、产品类型 挂钩型银行结构性存款，银行承诺本金按时兑付，并实现浮动收益。 2、投资额度 1 ● 受托方：已上市的股份制商业银行 ● 未来 12 个月内公司计划继续进行结构性存款业务，单日最高余额不超过人民 币 60 亿元，且认购资金可循环使用。 ...

第十届监事会第十七次会议决议公告 证券代码：600600 证券简称：青岛啤酒 公告编号：2024-027 青岛啤酒股份有限公司 监事会认为，公司 2024 年半年度报告的编制和审议程序符合现行法律、法 规和相关监管规定，报告内容真实、准确、完整地反映了公司的经营情况和财务 状况。监事会同意通过该议案。 2、审议通过关于公司开展结构性存款业务的议案。 上述议案的同意票数均为 5 票，无反对票或弃权票。 特此公告。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 青岛啤酒股份有限公司（"公司"）第十届监事会第十七次会议（"会议"） 于 2024 年 8 月 28 日在青啤大厦会议室以现场结合视频会议的方式召开，会议通 知及会议材料已于会前向全体监事发出，会议应出席监事 5 人，实际出席监事 5 人，其中，监事会临时召集人李燕女士通过接入视频会议方式参加。本次会议的 召集和召开程序符合《中华人民共和国公司法》等法律、行政法规、部门规章、 规范性文件和《青岛啤酒股份有限公司章程》（"《公司章程》"）的规定。 二 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2024-025 青岛啤酒股份有限公司 关于召开2024年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （一）会议召开时间：2024 年 8 月 30 日（星期五）下午 15:00-16:00 （二）会议召开地点：全景网"投资者关系互动平台"（https://ir.p5w.net） （三）会议召开方式：网络文字互动 三、参加人员 公司执行董事、总裁姜宗祥先生，执行董事、财务总监侯秋燕先生，董事会 秘书张瑞祥先生及独立董事张然女士将参加本次业绩说明会。 四、投资者参加方式 （一）投资者可在 2024 年 8 月 30 日（星期五）下午 15:00-16:00，通过互 联网登录全景网"投资者关系互动平台"（https://ir.p5w.net），在线参与本 次业绩说明会，公司将在线回答投资者的提问。 投资者可于 2024 年 8 月 29 日（星期四）15:00 前通过电子邮件方式将 所关注的问题发送至公司投资者关系邮箱 secreta ...

公 司 研 究 [Table_Reportdate] 2024年08月22日 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/21 | | 收盘价 | 59.19 | | 总股本(万股) | 136,420 | | 流通A股/B股(万股) | 70,903/0 | | 资产负债率(%) | 40.85% | | 市净率(倍) | 2.71 | | 净资产收益率(加权) | 5.65 | | 12个月内最高/最低价 | 99.99/59.03 | [Table_QuotePic] -42% -35% -27% -19% -11% -4% 4% 12% 23-08 23-11 24-02 24-05 青岛啤酒 沪深300 [Table_invest] 买入（首次覆盖） [青岛啤酒（ Table_NewTitle] 6 ...

结构升级成本优化，旺季表现可期 买入 （维持） 核心观点 ⚫ 持续推进结构升级，出海布局高瞻远瞩。24Q1 公司年产 100 万千升高端特色啤酒 生产基地于青岛开工，啤酒行业存量竞争背景下，公司持续推进产品结构升级，先 后推出一世传奇、奥古特、皮尔森等创新型高端产品，24Q1 公司中高端产品实现销 量 96 万千升。受益结构升级，公司 15 年至今吨价持续上升，近五年吨价复合增速 5%， 23 年营收 334.06 亿元，销量 801 万千升，折算吨价 4171 元/吨，同比上升 6.2%。出海布局方面，据媒体报道，青啤长期占据中国啤酒出口量 80%，过去十年 青岛啤酒的海外业务出口总额 CAGR 达 7%，公司积极将产品渠道向国际市场拓 宽，通过境外子公司和当地代理商进行海外市场拓展谋求增量，青岛啤酒登顶全球 权威品牌评估咨询公司 Brand Finance 发布的 2024 年度全球啤酒品牌力榜单冠军。 ⚫ 8 月高温叠加体育赛事，Q3 销量预计环比改善。据中国气象局，今年盛夏全国大部 分地区气温将有所偏高，8 月以来多地区高温天气快速发展，且有持久态势，高温 有利于啤酒销售，今夏季奥运会和欧洲杯两大体育 ...

证券研究报告 | 首次覆盖报告 2024 年 08 月 03 日 青岛啤酒（600600.SH） 百年积淀，高端化精进 青岛啤酒：百廿荣光，顺时而变。公司于 1990s 大举并购扩张，2002 年转 向内涵式发展，进行品牌、内部系统整合，2007 年提出"整合与扩张并举"， 2011 年确立并购与新建双轮驱动战略，2017 年后公司转向"稳增长、调结 构、控费用"，经营效率显著提升。 啤酒行业：量稳价增，高端化下半场。量上，啤酒产量于 2013 年见顶，2018 年后企稳，预计老龄化趋势下未来产量趋稳。价上，高端化进程过半，仍有 广阔升级空间，我们认为 6-10 元或为近年扩容空间最大的价格带。渠道方 面，啤酒渠道多元终端分散，企业终端掌控力强，未来即饮恢复将提振高端 表现。竞争格局方面，我们测算 2023 年行业 CR5 达 92%，多数省份呈寡 头割据格局，未来高端新品发力、渠道精耕或为破局之道。 结构升级提速，"一纵两横"战略显成效。品牌上，2015 年公司明确"1+1" 即青岛+崂山双品牌战略，青岛品牌价值蝉联 20 年啤酒榜首，2023 年青岛 品牌销量占比达 57%。产品上，公司产品战略升级为"1 ...