Huaxi Securities: Maintains a "buy" rating on Qingdao Beer, and pays attention to the performance elasticity brought by inventory replenishment.

Huaxi Securities research report pointed out that Qingdao Brewery achieved a net profit attributable to the parent company of 4.345 billion yuan in 24 years, a year-on-year increase of +1.81%; in Q1 of 25, the net profit attributable to the parent company was 1.71 billion yuan, a year-on-year increase of +7.08%. Judging from the situation of 24FY and 25Q1, the company's profitability is steadily improving. Due to the weak consumer power and the overall pressure in the beer industry, the sales volume of the company in 24FY declined slightly, achieving a recovery growth in 24Q4 based on a low base, and continued positive growth momentum in 25Q1. The company performed steadily in the Shandong base market, while facing some pressure in the Southeast and overseas markets. With the new management team in place this year, it is expected that the sales volume in the peak season will achieve a recovery growth on a low base, combined with cost dividends. It is recommended to pay attention to the performance elasticity brought by the replenishment of inventory. Maintain a "buy" rating.