该行指出，展望2025年，成本红利有望延续。今年大麦进口均价延续双位数下降的趋势，考虑啤酒企业通常在年底锁定未来一年的麦芽采购价格，因此预计2025年原材料成本红利有望延续，若明年终端需求亦有所恢复，那么毛利率改善，整体净利率有望持续提升。TSINGTAO BREW (00168) is currently up over 4%. As of the time of this report, it has increased by 4.05%, trading at HKD 54, with a transaction volume of 86.0195 million HKD.
According to Zhitong Finance APP, TSINGTAO BREW (00168) is currently up over 4%. As of the time of this report, it has increased by 4.05%, trading at HKD 54, with a transaction volume of 86.0195 million HKD.
SWHY released a Research Report stating that the valuation of Tsingtao Brewery has adjusted to a relatively low level over the past 10 years. With a reduction in future capital expenditures, there is potential for an increase in the dividend rate, maintaining a Buy rating, with H shares being 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 increase further alongside the improvement of cost pressures, further releasing profit elasticity. As one of the local enterprises with the strongest brand power and a high-end gene, the company's capacity utilization and operational efficiency are continuously optimizing, remaining Bullish about the company's medium to long-term profit enhancement potential.
The bank pointed out that looking ahead to 2025, the cost benefit is expected to continue. This year's average import price of barley continues to decline by double digits. Considering that beer companies usually lock in the malt procurement prices for the upcoming year at the end of the year, it is expected that the raw material cost benefit will continue in 2025. If terminal demand also recovers next year, it is anticipated that the gross margin will improve, and the overall net margin is expected to continue to rise.
