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研報掘金丨華西證券:維持青島啤酒“買入”評級,關注補庫帶來的業績彈性

華西證券研報指出,青島啤酒(600600.SH)24年實現歸母淨利潤43.45億元,同比+1.81%;25Q1實現歸母淨利潤17.10億元,同比+7.08%,結合24FY及25Q1情況來看,公司盈利能力穩步提升。受制於消費力偏弱及啤酒行業整體承壓影響,公司24FY銷量端有所下滑,24Q4在低基數下實現恢復性增長,25Q1延續正增長勢頭。公司在山東基地市場表現穩健,東南及海外市場有所承壓。今年隨新管理層到位,旺季銷量有望在低基數上實現恢復性增長,疊加成本端紅利,建議關注補庫帶來的業績彈性。維持“買入”評級。

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