Tsingtao Brewery(600600) 长江证券·2025-01-10 01:53Investment Rating - The investment rating for Qingdao Beer is "Buy" and is maintained [6]. Core Views - The company has announced the retirement of Chairman Huang Kexing, with Jiang Zongxiang elected as the new Chairman and concurrently serving as the President [4][10]. - The new Chairman has extensive management experience across various functions, which is expected to bring positive changes to the company [10]. - In 2024, the company plans to enhance inventory management to ensure healthy channel operations, despite a 7% decline in total sales in the first three quarters due to weak dining consumption [10]. - The company aims for a recovery in sales volume and price in 2025, supported by consumption stimulus policies and a marginal recovery in dining scenarios [10]. - The strategic direction remains unchanged, focusing on product innovation and market investment, particularly in high-end products like white beer, classic, and pure draft [10]. - Earnings per share (EPS) are projected to be 3.3, 3.8, and 4.1 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 23X, 20X, and 18X [10]. Financial Data Summary - Current stock price is 75.60 yuan, with a total share capital of 136,420 million shares [6]. - The company's total revenue for 2023 is estimated at 33,937 million yuan, with a net profit of 4,348 million yuan [14]. - The projected net profit for 2024 is 4,593 million yuan, increasing to 5,278 million yuan in 2025 and 5,713 million yuan in 2026 [14]. - The dividend payout ratio for 2023 is expected to reach 64% [10].