Market Brief

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Author

許偉龍先生(Anthony Hui)
高級交易員

現任職輝立高級交易員,對投資股票經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533066

青島啤酒股份有限公司 (00168.HK)

Wednesday, April 2, 2025 Views589

業務概要: 集團經營範圍是啤酒製造、銷售以及與之相關的業務。目前公司,在擁有國內57家全資控股的啤酒生產企業,及2家聯營及合營啤酒生產企業,規模和市場份額居國內啤酒行業領先地位。其生產的青島啤酒為國際市場上最具知名度的中國品牌,目前青島啤酒產品已行銷全球超過120個國家和地區,2024年青島啤酒品牌入圍BrandZ中國全球化品牌50強,成為食品飲料行業唯一入圍品牌,全球品牌影響力持續保持行業領先。

 

基本資料 :

現價: $58

市值: 379.94億

市盈率: 16.765

 

周息率: 3.776%

52週高/低: $67 /$40

10天/50天/250天平均價 : $56.125/ $52.422/ $52.193

 

業務回顧:

截至2024年12月31日止的全年業績,青島啤酒的收入按年跌5.3%。純利43.45億元 人民幣。純利增長1.8%至43.45億元人民幣。歸屬於上市公司股東的扣除非經常性損益的淨利潤人民幣39.5億元,同比增長6.2%。

 

評論:

第一,現時青島啤酒以一手2,000股計,入場門檻為$116,000。在今年財政預算案中。財政司司長將在年內就改善交易單位制度(即俗稱「手數」制)提出建議,這樣能降低入場門檻,增加股份的流動性。

 

第二,其財務表現在A股及H股上市的啤酒行業中相對較佳。

 

 

第三, AH股存在差價,撰寫本文章時,H股股價為$ 58,而A股股價為¥78.18,折合為港幣83.83(以1人民幣= 1.072248港幣計算),兩者存在溢價30.6%。

 

第四,公司加快數字化轉型步伐,推動產業升級和高質量發展,公司新質生產力建設取得顯著成效。公司加大在智能製造、大數據分析、物聯網等方面的投入,推動生產基地向高端化、規模化、智能化和綠色化轉型,加快實施百萬千升高端特色啤酒生產基地、青島啤酒智慧產業園高端麥芽原料基地擴建、百萬千升純生啤酒擴建等一批高質量重大項目建設,為公司未來發展注入新動能。

 

第五,公司以科技創新為引領加快培育新質生產力,加大新產品研發和品質提升,提升產品魅力質量,加快推進產品結構優化升級。公司發揮生鮮啤酒魅力質量優勢,領先行業加快培育生鮮產品賽道,其中青島啤酒「精品原漿」、「水晶純生」產品創新運作模式,推進新鮮直送,滿足消費者「新鮮」、「快速」的消費體驗。

 

第六,公司預計2025年大麥及其他原材料成本仍有下降空間,仍將享有成本紅利。

 

 

買賣策略
買入價: $51.9

目標價: $70

止蝕價: $46.7

 

資料來源: 披露易,2024年度業績公告 ,2024年中期報告,阿斯達克

 

註:本人許偉龍為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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