截至7月8日,青岛啤酒H股全年下跌4%,而华润啤酒、百威亚太分别上涨6.9%/15.3%,青啤罕见的跑输两者。我们对比白酒茅台、五粮液、泸州老窖,啤酒表现明显强于白酒。这比较符合我们往期观点,白酒没有保质期这个特征,对逆风环境下渠道出清会有很大干扰,叠加自身高单价,在宏观逆风背景下,影响也更大。有兴趣可以观看我们此前文章。青岛啤酒按目前51.5港币价格测算,2024/2025E对应市盈率15.3/...
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