Lates News

Huaxi Securities research report pointed out that Qingdao Beer (600600.SH) achieved a net profit attributable to the mother of 4.345 billion yuan in 24 years, a year-on-year increase of 1.81%; and achieved a net profit attributable to the mother of 1.71 billion yuan in 25Q1, a year-on-year increase of 7.08%. Looking at the company's profitability based on 24FY and 25Q1, it is steadily improving. Due to the weak consumption power and the overall pressure in the beer industry, the company's sales volume in 24FY declined slightly. In 24Q4, it achieved a recovery growth on a low base, and 25Q1 continued its positive growth momentum. The company performed steadily in the Shandong base market, but faced some pressure in the Southeast and overseas markets. With the new management team in place this year, it is expected that sales volume in the peak season will achieve a recovery growth on a low base, combined with cost dividends. We recommend paying attention to the performance elasticity brought by supplementary inventory and maintain a "buy" rating.