青岛啤酒：轻装上阵，24Q4改善明显-20250403

Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company reported a revenue of 32.14 billion yuan in 2024, a decrease of 5.30% year-on-year, while the net profit attributable to shareholders was 4.35 billion yuan, an increase of 1.81% year-on-year [2] - In Q4 2024, the company achieved a revenue of 3.18 billion yuan, a year-on-year increase of 7.44%, with sales volume increasing by 5.61% to 750,000 kiloliters [2] - The company’s main brand sales volume in Q4 2024 increased by 7.45% year-on-year, indicating a positive growth trend [2] - The company’s gross margin improved to 40.2% in 2024, up by 1.57 percentage points year-on-year, driven by a decrease in operating costs [2] - The company is expected to see earnings per share (EPS) of 3.48, 3.96, and 4.39 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 23, 20, and 18 times [2] Financial Summary - Total revenue for 2024 was 32.14 billion yuan, with a year-on-year growth rate of -5.3% [3] - The net profit attributable to shareholders for 2024 was 4.35 billion yuan, with a year-on-year growth rate of 1.8% [3] - The gross margin for 2024 was 40.2%, an increase from 38.7% in 2023 [3] - The projected EPS for 2025 is 3.48 yuan, with a P/E ratio of 22.57 times [3]