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董事長被立案調查!業績不振!燕京啤酒怎麼了?
格隆匯 10-09 11:40

10月9日,A股第一天開市,燕京啤酒低開,現跌幅有所收縮,跌1.42%,最新總市值為234億元。

數據來源:Choice

而究及其下跌的原因,主要是受8日晚間釋出的利空消息的影響

燕京啤酒披露公告,稱公司董事長、總經理趙曉東因涉嫌職務違法,被有關部門立案調查並採取留置措施,不能正常履職。此外,公司在公告中表示該事項對公司經營管理工作未產生重大影響。

數據來源:官方公告

涉事的主人公趙曉東今年48歲,博士研究生學歷,29歲時當選燕京啤酒副總經理,38歲時擔任公司總經理,2017年時被選舉為公司董事長。此外,他也是燕京啤酒實際控制人北京控股公司董事局副主席、執行董事,以及上市公司控股股東燕京啤酒投資的副董事長。而在最新的臨時股東大會上,趙曉東剛獲得連任燕京啤酒獨立董事、董事長職位。

燕京啤酒作為我國最大的啤酒集團之一,在趙曉東上任三年後止住了2013年因啤酒行業產量迎來高峯之後的經營頹靡,但好景不長,雖然公司在消費升級、產能建設等方面進行了一定的優化調整,但由於行業出現負增長,疊加市場競爭趨近飽和(其主要銷售地區在兩廣、福建、北京、內蒙古等地),2017年-2020年上半年,燕京啤酒的營收、淨利潤增長率都低於青島啤酒、華潤啤酒等競爭對手。

根據最新的財報,燕京啤酒2020年上半年營收約為55.65億元,同比下降13.88%,歸屬於上市公司股東的淨利潤約為2.69億元,相較於去年同期5.12億元,降幅超過47.5%。

數據來源:Choice

可以看出,雖説行業受疫情影響明顯,但燕京啤酒的競爭力也較為弱勢,其高端化進程並不成功。而目前來説,不同於此前依賴併購與產能擴張實現增長,啤酒業的市場結構優化已成為行業過渡的重要環節,畢竟滿足消費端的個性化、高端化需求才是啤酒企業實現良性增長的主要支撐點(未來3-5年,高端啤酒消費市場份額將從不足2%上升為15%-20%)

國盛證券指出,目前頭部企業從產品組合、品牌重塑及渠道改造多方面轉變,加速高端化。疫情催生家庭消費場景和銷售渠道變革。產能及供應鏈優化成果顯現,啤酒行業進入業績釋放期。1)高端市場格局或生變化。頭部企業華潤、青啤從產品組合、品牌重塑、渠道改革3個角度加快轉變;2)消費場景和銷售渠道變革。疫情催生家庭啤酒消費場景,消費場景變遷趨勢下罐裝啤酒銷量增長,同時電商、社羣團購等新零售渠道興起。

中金報告表示,疫情之後,啤酒自飲場景變多,喝少但喝好的趨勢更明顯,助力結構升級,高端啤酒正快速步入日常,10元超高端價位在一二線城市快速全渠道放量。維持各大公司盈利預測與目標價不變,維持百威亞太、青島啤酒H股和珠江啤酒跑贏行業評級,短期建議關注燕京啤酒,長期建議關注華潤啤酒和青島啤酒。

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