On November 1, Tsingtao Beer's stock price fell sharply, and by the close, the stock had fallen more than 9%, with transactions exceeding 1.4 billion yuan. Previously, Tsingtao Beer rose for 6 consecutive trading days, and the stock broke through the 100 yuan mark on Friday.
Tsingtao Beer released the third quarter report of 2021 on the evening of the 28th, achieving operating income of 8.48 billion yuan in the third quarter, down 3.01% year-on-year, and net profit attributable to shareholders of listed companies of 1.195 billion yuan, an increase of 6.43% year-on-year.
The report shows that in the first three quarters of 2021, Tsingtao Beer achieved operating income of 26.771 billion yuan, an increase of 9.62% year-on-year, and net profit attributable to shareholders of listed companies was 3.611 billion yuan, an increase of 21.25% year-on-year.
In addition, in the first three quarters, Tsingtao Beer achieved a total of 7.082 million kiloliters of product sales, an increase of 2.02% year-on-year, of which the main brand Tsingtao Beer achieved product sales of 3.784 million kiloliters, an increase of 13.05% year-on-year.
Northeast Securities pointed out that considering the company's beer high-end and refined management trends, profits entered the upward channel, it is expected that the company's net profit attributable to the mother in 2021-2023 will be 28.11/32.45/3.762 billion yuan, and eps from 2021 to 2023 will be 2.06/2.38/2.76 yuan, giving 50 times PE in 2022 to maintain the company's "buy" rating.