证券研究报告 | 公司点评 gszqdatemark 2025 04 11 年 月 日 燕京啤酒（000729.SZ） 开门红表现亮眼，改革持续兑现 事件：公司发布 2024 年度业绩快报和 2025 年第一季度业绩预告，2024 年公司实现营业总收入 146.67 亿元，同比+3.20%；实现归母净利润 10.56 亿元，同比+63.74%；实现扣非归母净利润 10.40 亿元，同比+108.03%。 2025 年第一季度实现归母净利润 1.6-1.72 亿元，同比增长 55.96%- 67.66%；实现扣非归母净利润 1.48-1.60 亿元，同比增长 44.19%- 55.88%；实现基本每股收益 0.0568-0.0610 元/股。 2024 年大单品 U8 引领量增，净利率稳步提高。2024 年公司实现啤酒销 量 400.44 万千升，同比+1.57%，其中燕京主力大单品 U8 销量为 69.60 万千升，同比+31.40%，主要系公司坚持市场精耕细作与战略性扩张并行 推进，同步完成销售渠道结构升级，U8 实现全国化布局与销量双突破，形 成规模效应。公司在行业整体承压的背景下，实现了业绩的强势突破。 ...

Investment Rating - The report maintains a "Buy" investment rating for Yanjing Beer [4][6]. Core Views - Yanjing Beer achieved a strong performance in 2024, with total revenue of 14.667 billion yuan, a year-on-year increase of 3.20%, and a significant rise in net profit by 63.74% to 1.056 billion yuan [1][4]. - The company continues to see high growth in its flagship product, Yanjing U8, which has driven overall sales structure upgrades and is expected to maintain over 30% growth in 2025 [3][4]. Summary by Sections Annual Performance - In 2024, Yanjing Beer reported total revenue of 14.667 billion yuan, up 3.20% year-on-year. The net profit attributable to shareholders was 1.056 billion yuan, reflecting a 63.74% increase [1]. - The fourth quarter of 2024 showed stable revenue of 1.821 billion yuan, with a reduction in losses compared to the previous year [1]. Product Pricing and Structure - The average price per ton of beer increased by 1.60% in 2024, with total beer sales volume reaching 4.0044 million kiloliters, a 1.57% increase year-on-year [2]. - Yanjing U8 sales grew significantly by 31.40% to 696,000 kiloliters, increasing its share of total beer sales by 3.95 percentage points to 17.38% [2]. Q1 2025 Performance - For Q1 2025, the company expects net profit attributable to shareholders to be between 160 million and 172 million yuan, representing a year-on-year increase of 55.96% to 67.66% [3]. - The company is implementing nine major reforms to enhance operational efficiency and reduce losses from subsidiaries, which is expected to boost profitability [3]. Profit Forecast - The report projects continued high growth for Yanjing Beer, particularly driven by the U8 product line, with adjusted EPS forecasts for 2024-2026 at 0.37, 0.50, and 0.61 yuan respectively [4]. - The current stock price corresponds to P/E ratios of 35, 26, and 22 for the years 2024, 2025, and 2026 [4].

Investment Rating - The report maintains a "Buy" investment rating for the company [4][6]. Core Views - The company achieved a successful year-end for 2024, with significant profit release and performance in Q1 2025 continuing to be strong [1][3]. - The company is expected to benefit from the ongoing structural upgrades and cost control measures, which will enhance profitability [4]. Summary by Sections Annual Performance - In 2024, the company reported total revenue of 14.667 billion yuan, a year-on-year increase of 3.20%. The net profit attributable to shareholders was 1.056 billion yuan, reflecting a substantial year-on-year growth of 63.74% [1]. - The fourth quarter of 2024 saw total revenue of 1.821 billion yuan, with a year-on-year increase of 1.32%, and a reduction in losses compared to the previous year [1]. Product Pricing and Structure - The average price per ton of beer increased by 1.60% in 2024, with total beer sales volume reaching 4.0044 million kiloliters, a year-on-year increase of 1.57% [2]. - The sales volume of the premium product, Yanjing U8, grew significantly by 31.40%, accounting for 17.38% of total beer sales [2]. Q1 2025 Performance - For Q1 2025, the company expects a net profit attributable to shareholders in the range of 160 to 172 million yuan, representing a year-on-year increase of 55.96% to 67.66% [3]. - The company continues to implement nine major reforms, with Yanjing U8 maintaining over 30% growth, contributing to overall structural upgrades [3]. Profit Forecast - The company is projected to maintain high growth rates in profitability, with EPS estimates for 2024-2026 adjusted to 0.37, 0.50, and 0.61 yuan respectively [4]. - The current stock price corresponds to P/E ratios of 35, 26, and 22 for the years 2024, 2025, and 2026 [4].

Group 1 - The company achieved a total revenue of 14.667 billion yuan in 2024, representing a year-on-year growth of 3.20%, and a net profit attributable to shareholders of 1.056 billion yuan, which saw a significant increase of 63.74% [1] - The beer sales volume reached 4.0044 million kiloliters, with a year-on-year increase of 1.57%, driven primarily by the strong performance of the flagship product, Yanjing U8, which sold 696,000 kiloliters, up 31.40% [2] - The company's strategic adjustments since 2022, focusing on product structure optimization and channel refinement, have led to a substantial increase in operating profit by 56.96% and total profit by 51.26% [2] Group 2 - The craft beer market is expected to exceed 100 billion yuan by 2025, with a penetration rate of 6.3%, but the industry remains fragmented with a low concentration (CR5 below 20%) [3] - Yanjing's craft beer series faces competition from both domestic brands like Youbrew and foreign brands like Goose Island, with a market share of only 1.2% in 2024 [3] - The company's growth model relies on regional focus and single product breakthroughs, which may help avoid pressure from leading companies in the short term, but long-term challenges include a limited product line and low management efficiency [3]

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Views - Yanjing Beer achieved a revenue of 14.67 billion yuan in 2024, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 1.06 billion yuan, up 63.7% year-on-year [1]. - The company’s flagship product, Yanjing U8, saw a sales volume of 696,000 kiloliters in 2024, representing a significant growth of 31.4% year-on-year, contributing to the overall revenue and profit growth [2]. - The company is entering the beverage market with the launch of "Beiste Soda," aiming to diversify its product offerings and reduce reliance on beer sales [3]. Summary by Sections Financial Performance - In Q1 2025, Yanjing Beer expects a net profit of 160-172 million yuan, reflecting a year-on-year growth of 55.96%-67.66% [1]. - The company’s net profit margin for 2024 was 7.2%, an increase of 2.7 percentage points year-on-year, indicating improved operational efficiency [2]. Sales and Market Strategy - Yanjing Beer sold 4.0044 million kiloliters of beer in 2024, marking a 1.57% increase despite an overall industry decline [2]. - The company is focusing on market expansion and channel upgrades, with Yanjing U8 achieving nationwide distribution and sales growth [2]. Profitability and Cost Management - The report highlights that the company has maintained a net profit growth rate exceeding 50% for three consecutive years, driven by operational reforms and cost reductions [2]. - The anticipated profit for 2024-2026 has been adjusted upwards, with net profit forecasts of 1.056 billion yuan, 1.406 billion yuan, and 1.656 billion yuan respectively [3]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 0.37 yuan, 0.50 yuan, and 0.59 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 35x, 26x, and 22x [3].

Investment Rating - The report maintains a "Strong Buy" rating for Yanjing Beer, with a target price of 15.5 CNY [2][6]. Core Views - The company's Q1 performance exceeded expectations, establishing a solid foundation for high growth throughout the year. The sales of the flagship product, Yanjing U8, continue to show strong growth, contributing to the overall positive performance [2][6]. - The company is expected to achieve a revenue increase of 3.2% to 14.67 billion CNY in 2024, with a significant rise in net profit by 63.74% to 1.056 billion CNY [2][6]. - The report highlights a positive operational cycle driven by effective management reforms, cost reductions, and enhanced scale effects, which are expected to continue supporting growth [2][6]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue for 2024 is projected at 14.67 billion CNY, with a year-on-year growth rate of 3.2% [2][6]. - Net profit for 2024 is expected to reach 1.056 billion CNY, reflecting a growth of 63.8% compared to the previous year [2][6]. - For Q1 2025, net profit is anticipated to be between 160 million to 172 million CNY, representing a year-on-year increase of 55.96% to 67.66% [2][6]. - **Key Financial Metrics**: - Earnings per share (EPS) is projected to increase from 0.23 CNY in 2023 to 0.37 CNY in 2024, and further to 0.51 CNY in 2025 [2][6]. - The price-to-earnings (P/E) ratio is expected to decrease from 58 in 2023 to 35 in 2024, and further down to 26 in 2025 [2][6]. - **Sales Performance**: - The company achieved a total sales volume of 4 million tons in 2024, with an average selling price of 3,633 CNY per ton, both showing a year-on-year increase of 1.6% [2][6]. - The flagship product, Yanjing U8, is projected to maintain a sales volume of 700,000 tons, with a growth rate exceeding 30% [2][6]. Investment Recommendations - The report emphasizes the ongoing positive operational cycle and the effectiveness of management reforms, reiterating the "Strong Buy" rating. The anticipated strong performance in Q1 2025 is expected to further catalyze growth as the peak season approaches [2][6].

投资要点： 风险提示：原材料成本大幅度提升，竞争加剧导致价格战，U8 全国化不及预期。 股价表现的催化剂：产品提价，原材料成本下降，餐饮需求回暖带动结构升级提速。 根据公司公告，2024 年公司实现啤酒销量400.44 万千升，同比增长1.57%，其中2024Q4 实现啤酒销量 55.71 万吨，同比增长8.9%。测算2024 年吨酒收入（含非啤酒收入）3662.7 元/吨，同比增长1.6%，其 中2024Q4 吨酒收入3268.49 元/吨，同比下降7%。燕京U8 延续强劲的增长势能，2024年实现销量69.6 万吨，同比增长31.4%，2025 年一季度U8 延续30%以上增长。 2024 年公司归母净利率7.2%，同比提升2.66pct，扣非净利率7.1%，同比提升3.58pct。2024 年公司营业 利润率10.97%，同比提升3.76%。2024Q4 公司实现归母净利润-2.3 亿，同比减亏0.79亿，扣非净利 润-2.2 亿，同比减亏1.44 亿。 2025Q1 我们预计在U8 持续增长的带动下，公司的销量、吨价均有望实现增长，展望2025 年，伴随渠 道变革推进，若餐饮消费改善催化啤酒板块需求， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-06 北京燕京啤酒股份有限公司 2024年度业绩快报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示：本公告所载2024年度的财务数据仅为初步核算数据，未经会计师事务所审计，与年度报告中 披露的最终数据可能存在差异，请投资者注意投资风险。 一、2024年度主要财务数据和指标 单位：人民币元 ■ 注：上述数据以合并报表数据填列。 二、经营业绩和财务状况情况说明 1、经营业绩说明 2024年，公司在行业整体承压的背景下，实现了业绩的强势突破。经初步核算，2024年度，公司实现啤 酒销量400.44万千升，同比增长1.57%，其中燕京U8销量69.60万千升，同比增长31.40%，实现营业收入 1,466,701.69万元，同比增长3.20%；营业利润160,874.05万元，同比增长56.96%；利润总额157,171.87万 元，同比增长51.26%；实现归属于上市公司股东的净利润105,567.85万元，同比增长63.74%，主要经济 指 ...

燕京啤酒（000729）日前发布的2024年业绩快报显示，2024年实现营收146.67亿元，同比增长3.20%；实现销量400.44万千升，同比增长1.57%；实现净利润 10.56亿元，同比增长63.74%；实现扣除非经常性损益后归属于上市公司股东净利润10.41亿元，同比增长108.03%；基本每股收益0.375元；其中燕京U8销量 同比增长31.40%达69.60万千升。 年营收146.67亿元、净利润10.56亿元，成为自公司成立以来最好的业绩水平，双创历史新高。值得一提的是，2024年10.56亿元的净利润水平，一举超过了 2022年与2023年净利润的总和。在消费低迷的当下，如此强劲的业绩增长，不但让啤酒行业内刮目相看，放到整个大消费产业也是高下立见，表现尤为亮 眼。 九大变革落地连续四年逆势"业绩飙升" "2024年，燕京深入践行可持续发展战略，系统性推进九大变革战略落地，持续构建长期竞争优势，以新发展理念推进卓越管理体系、市场布局、供应链建 设等重点工作，提升管理效能和品牌势能，增强市场活力，实现了'战略落地——品牌焕新——效益跃升'的三重突破。"燕京啤酒董事长耿超表示。 国家统计局数据显示 ...

每经记者 温梦华 每经编辑 赵云 4月10日晚间，燕京啤酒交出了2024年业绩快报和2025年第一季度的"预答卷"。 数据显示，2024年公司实现啤酒销量400.44万千升，同比增长1.57%；其中燕京U8销量69.60万千升，同比增 长31.40%。 公司全年实现营收约146.67亿元，同比增长3.20%；归属于上市公司股东的净利润约10.56亿元，同比增长 63.74%；扣除非经常性损益后的归属于上市公司股东的净利润约为10.41亿元，同比增长108.03%。 | 项目 | 本报告期 | 上年同期 | 增减变动幅度(%) | | --- | --- | --- | --- | | 雪业息收入 | 14,667,016,921.50 | 14,212,857,297.00 | 3.20 | | 营业利润 | 1,608,740,539,33 | 1,024,912,985.13 | 56.96 | | 利润息额 | 1,571,718,684.07 | 1,039,102,965.09 | 51.26 | | 归属于上市公司股东的净利润 | 1,055,678,539.28 | 644,714,424.03 ...