该行续指，2025年竞争应相对温和，青啤市占率或有望修复。预计2025年百威、华润、重啤仍将以利润考核为主；区域品牌中珠江聚焦广东，燕京区域扩张进程已基本完成。6-8元价格带已形成寡头优势，10元以上则以品质品牌驱动，综上，2025年整体竞争不会明显加剧。预计2025年青啤在组织焕新的背景下将进行考核优化，市占率或有望修复。TSINGTAO BREW (00168) rises over 4%. As of the report, it is up 3.77%, priced at 56.45 HKD, with a transaction volume of 0.113 billion HKD.
According to Zhitong Finance APP, TSINGTAO BREW (00168) rises over 4%. As of the report, it is up 3.77%, priced at 56.45 HKD, with a transaction volume of 0.113 billion HKD.
GTJA released a Research Report stating that in Q4 2024, the company's sales are expected to grow by +3-5%, while the total sales for 2024 are predicted to decline by -5-6%. Assuming neutral consumption policies and weak inflation, it is expected that the industry sales and industry ton price will remain flat in 2025. Driven by organizational innovation, it is predicted that TSINGTAO's sales growth rate in 2025 may exceed the industry growth rate, with a slight increase in ton price, and recovery in the market is anticipated; in terms of major products, it is expected that the 8 yuan classic will still be the main driver, while products priced above 10 yuan may focus on pure draft beer.
The bank continues to indicate that competition in 2025 should be relatively mild, and TSINGTAO's market share is expected to recover. It is anticipated that in 2025, Budweiser, China Resources, and Chongqing Beer will continue to focus on profit assessment; among regional brands, Zhujiang will focus on Guangdong, and the expansion process of Yanjing has almost been completed. A duopoly advantage has formed in the 6-8 yuan price range, while products priced above 10 yuan will be driven by quality brands. In summary, overall competition in 2025 will not significantly intensify. It is expected that under the context of organizational renewal, TSINGTAO will optimize assessments, and its market share may be expected to recover.
