Tsingtao Brewery(600600)2024-04-30 03:02Investment Rating - The report maintains a "Buy" rating for Qingdao Beer (600600) [5] Core Views - The company reported a Q1 2024 revenue of 10.15 billion, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders increased by 10% to 1.597 billion, exceeding expectations [5] - The company is expected to achieve net profits of 5 billion, 5.63 billion, and 6.22 billion for 2024, 2025, and 2026 respectively, with current price-to-earnings ratios of 22x, 19x, and 17x for the respective years [5] - The report highlights the potential for continuous improvement in the dividend payout ratio, with a projected dividend yield of 2.5% for 2023, making it attractive for investors [5] Summary by Sections Market Data - Closing price: 79.31 yuan - One-year high/low: 112.79/67.56 yuan - Market capitalization: 55.89 billion yuan - Price-to-book ratio: 3.7 - Dividend yield: 0.63 [2] Financial Data - Net asset per share: 21.31 yuan - Debt-to-asset ratio: 40.85% - Total shares: 1.364 billion, circulating A shares: 705 million [3] Sales Performance - Q1 2024 sales volume: 2.184 million tons, down 7.6% year-on-year - Main brand sales volume: 1.322 million tons, down 5.6% - Mid-to-high-end product sales volume: 960,000 tons, down 2.4% - The proportion of mid-to-high-end products in total sales increased by 2.3 percentage points to 43.96% [6] Cost and Profitability - Q1 2024 cost per ton: 2,768 yuan, down 1% year-on-year - Gross margin: 40.44%, up 2.1 percentage points year-on-year - Net profit margin: 15.7%, up 2.2 percentage points year-on-year [6] Future Projections - Total revenue projections for 2024-2026: 35.907 billion, 37.932 billion, and 39.622 billion respectively - Expected net profit growth rates: 16.9%, 12.8%, and 10.4% for 2024, 2025, and 2026 respectively [7][8]