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研報掘金丨華創證券:維持青島啤酒“強推”評級,業績具備彈性重視Q2銷售提速催化

華創證券研報指出,青島啤酒(600600.SH)於5月20日召開2024年度股東大會以及分析師和投資者交流會,會上以董事長姜宗祥爲代表的新管理班子首次公開亮相。戰略一脈相承,經營動力更足。新管理班子戰略上一脈相承,啤酒主業高質量仍是核心主線,公司重視產品研發,推進結構升級,強化北方市場優勢,穩步推進盈利提升。邊際變化在於經營動力更加充足,啤酒以銷量增長爲第一目標,積極佈局新渠道及生鮮等多元化品類,並着手調整修復之前弱勢的華南市場。在此基礎上,穩健拓展黃酒、威士忌等多元業務,培育新增長點。啤酒高端化持續前行,雖短期競爭激烈,但青啤底蘊深厚底牌豐富,且年內新管理層動力充足,銷量復甦及成本紅利延續之下,業績具備彈性,建議重視Q2銷售提速催化。維持A/H股目標價分別90元、70港元,對應25E PE分別約25/18倍,維持“強推”評級。

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