Research reports mining丨swhy: The cost benefits of tsingtao brewery are expected to continue, maintaining a "buy" rating.

Gelonghui Finance · Dec 9 16:54

Research reports from swhy pointed out that the valuation of tsingtao brewery (600600.SH) has already adjusted to a relatively low level over the past 10 years. With future capital expenditures expected to decrease, there is room for an increase in the dividend rate, maintaining a buy rating, and H shares are more attractive. In the medium to long term, the company continues to optimize its product structure, and the price per ton of beer is expected to rise further, alongside improved cost pressures, allowing for greater profit elasticity. As one of the most powerful and high-end gene local enterprises, the company's capacity utilization and operational efficiency are constantly being optimized, and continued bullishness regarding the company’s medium to long-term profitability potential is expected. Looking ahead to 2025, cost dividends are likely to continue. According to Ifind, the average import price of barley this year continues to show a double-digit decline trend. Considering that beer companies usually lock in the malt purchasing prices for the upcoming year at the end of the year, it is expected that the raw material cost dividends will continue in 2025. If terminal demand recovers next year, then gross margin is expected to improve, and the overall net margin is likely to continue rising.

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研报掘金丨申万宏源：青岛啤酒成本红利有望延续，维持“买入”评级

Research reports mining丨swhy: The cost benefits of tsingtao brewery are expected to continue, maintaining a "buy" rating.

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