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年報2023
Hong Kong Stock Concept Tracking | Valuation has reached the bottom of history, and institutions are optimistic about the beer industry improving (with concept stocks)
Benefiting from post-pandemic demand recovery, China's beer industry produced 35.555 million kiloliters (yoy +0.3%) in 2023, but there is still a gap compared to 2019. Judging from the price point of view, the upgrading trend in China's beer industry is slowing down or not downgrading, and the gross sales gap of enterprises continues to rise. In 2023, the number of domestic catering companies cancelled nearly 1.3 million, more than double that of 2022. The ready-to-drink scene is recovering slowly as the main position for upgrading the beer structure, compounding the pressure on overall consumption power. The high-end trend has slowed down, but the mid-tier products of wine companies have maintained good growth. The tonnage prices of major domestic wine companies all achieved low to medium single-digit growth in 2023
Changes in Hong Kong stocks | China Resources Breweries (00291) rose nearly 7%, leading the beer stock industry is about to break out of a high sales base, institutions say the peak season is worth looking forward to
Beer stocks picked up in early trading. As of press release, China Resources Brewery (00291) rose 6.81% to HK$34.5; Tsingtao Brewery shares (00168) rose 5.73% to HK$54.4; and Budweiser Asia Pacific (01876) rose 2.99% to HK$10.34.
Dongwu Securities: The beer industry is still in the structural upgrade dividend period, and the 2024 peak season is worth looking forward to
The Zhitong Finance App learned that Dongwu Securities released a research report saying that beer is selling well in 2024Q1. This year, various wine companies will make structural improvements and profit protection their strategic priorities this year to further cultivate their strong markets. There is room for price increases and fee reductions for some products, and structural upgrades continue. At the same time, companies tend to control spending in competitors' strong markets to improve cost efficiency. Profitability is expected to continue to improve. With the pro-cyclical scenario recovering, the 2024 peak season is worth looking forward to. Currently, the stock prices of high-quality stocks with performance support in the sector are at the lower limit of historical valuation, and there is plenty of room for improvement. Recommended: Tsingtao Brewery (60060
Changes in Hong Kong stocks | The collective recovery of beer stocks during the peak season catalyzes falling costs or releasing dividends, and there is still plenty of room for high-end beer
Beer stocks picked up collectively. As of press release, Tsingtao Brewery shares (00168) rose 3.6% to HK$53.3; China Resources (00291) rose 2.49% to HK$32.9; and Budweiser Asia Pacific (01876) rose 1.42% to HK$10.02.
Fangzheng Securities: There is still plenty of room for high-end beer to welcome value layout opportunities under undervaluation
Currently, leading valuations have fallen back to a low level of nearly five years, and there are opportunities for value allocation.
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