CITIC Securities: Qingdao Beer continues to deepen its domestic and international markets, maintaining a "buy" rating.

The report from Zhongyou Securities pointed out that Tsingtao Brewery continues to deepen its presence in domestic and international markets, with increasing sales volume as its primary goal. The company will maintain a strong market strategy domestically while accelerating its "One Curve, Three Wings, Multi-Point" strategic layout in overseas markets. The focus will be on launching consumer themed activities in the South Korean market and driving rapid sales growth in potential markets such as Russia, Mongolia, Kazakhstan, and West African countries. The company will firmly implement the 1+1+1+2+N product combination development strategy. It is expected that the company's beer sales volume will achieve certain growth on the basis of the low base in 2024, and the cost improvement trend is expected to continue in 2025. The forecasted EPS for the next three years are 3.46/3.76/4.01 yuan per share, with corresponding PE ratios of 20/18/17 times the current stock price. The rating remains "buy."