研報掘金丨信達證券:青島啤酒高端化穩步推進,維持“買入”評級
信達證券研報指出,青島啤酒(600600.SH)24年實現歸母淨利潤43.45億元,同比+1.81%。Q4銷量改善明顯,主品牌增長較好。儘管山東、華北收入端表現弱於上年同期,但是利潤仍然保持了較好的增長,2024年淨利潤分別同比+13.96%、15.54%。從全年來看,公司主品牌銷量同比-4.82%,跌幅低於副品牌-7.22%,對全年噸價有一定的提振作用,公司2024年噸價同比+0.59%。啤酒行業格局清晰且穩定,高端化穩步推進,認爲山東和華北產品結構升級+華東和華南利潤提升有望提供較好的盈利彈性,維持“買入”評級。
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