近三个月价格区间：8.38元—11.72当前股价：9.14元上证综指：1438.7股票评级说明ABCDEA-投资建议:1强卖2卖出3持有4买入5强买B-含权:Y含权N不含权C-公司成长:1极差2较差3一般4良好5优秀D-股票风险:1极小2较小3适中4较大5极大E-公司基本价值:1极差2较差3一般4良好5优秀预测指标20032004E2005E主营收入（万元）750,796843,415910,888净利润（万元）25,38728,35135,503每股收益（元）0.240.270.33净资产收益率(%)7.2%7.5%8.2%股票数据3/30/200412/31/200312/31/2002总股本（万股）106000106000100000流通股（万股）6068560685--54685最新流通股户数7157692605--户均持有流通数(股)14809----市盈率（P/E）33.2----市净率（P/BV）2.89----2004年6月青岛啤酒深度研究报告第2页共25页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共25页目录1．基本情况....................................................................................................................................21．1历史沿革........................................................................................................................21．2股票发行情况................................................................................................................32．03年经营状况分析....................................................................................................................42．1主营业务增速继续放缓.................................................................................................42．2成本上升的压力增大....................................................................................................53．调整中的品牌和市场战略.........................................................................................................63．1并购推动了规模的高速增长，但并未体现应有的规模经济效益.............................63．2“由做大做强走向做强做大”——内部整合成为公司当前的首要目标....................73．3品牌重置战略................................................................................................................83．4市场调整战略................................................................................................................93．4．1国内啤酒市场格局...........................................................................................93．4．2青啤市场战略.................................................................................................114．与国际啤酒集团的合作...........................................................................................................145．财务数据分析..........................................................................................................................146．盈利预测..................................................................................................................................167．风险因素和投资建议..............................................................................................................188．行业背景..................................................................................................................................188．103年度回顾——行业继续平稳增长..........................................................................198．2成本压力增大..............................................................................................................198．3国际并购——推动中国啤酒行业整合的巨大新生力量...........................................20第3页共25页第2页共25页1...
