Research Reports Gold Mining | GTJA: Maintains "Shareholding" rating on Tsingtao Brewery, raises Target Price to 92.30 yuan.

Gelonghui Finance · Dec 16, 2024 15:25

GTJA Research Reports points out that Tsingtao Brewery (600600.SH) is expected to have a sales growth of +3-5% in Q4 2024, with a forecasted decline of -5-6% for the entire year of 2024. It predicts that Tsingtao's sales growth in 2025 may exceed the Industry growth rate, with a slight increase in ton price, and an anticipated recovery in the economy. Regarding major products, the 8 yuan classic is still expected to be the main driver, while products priced above 10 yuan may focus on pure draft beer. It is anticipated that the barley cost in 2025 may decrease in the single digits year-on-year, with stable prices for glass bottles and cartons. With structural upgrades, it is expected that the gross margin may further improve in 2025. Additionally, it is projected that the company may further increase its dividend in 2025 (with a special dividend of 64% in 2024). The current stock price corresponds to a dividend yield of about 3% for 2025. The Target Price has been raised to 92.30 yuan (previously 78.80 yuan), maintaining a "Shareholding" rating.

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研报掘金丨国泰君安：维持青岛啤酒“增持”评级，上调目标价至92.30元

Research Reports Gold Mining | GTJA: Maintains "Shareholding" rating on Tsingtao Brewery, raises Target Price to 92.30 yuan.

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