燕京啤酒(000729)：24年利润实现高增 分红比例提升

Core Viewpoint - 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, a year-on-year increase of 63.7% [1] Revenue and Sales Performance - In 2024, beer revenue was 13.23 billion yuan, up 1.0% year-on-year, with beer sales volume reaching 4 million kiloliters, an increase of 1.6% year-on-year; the average price per ton of beer was approximately 3,304 yuan per kiloliter, down 0.6% year-on-year [2] - Mid-to-high-end products generated revenue of 8.865 billion yuan, up 2.2% year-on-year, while ordinary products saw revenue of 4.365 billion yuan, down 1.2% year-on-year; U8 product sales reached 696,000 kiloliters, a significant increase of 31.4% year-on-year [2] - Revenue from traditional channels, KA channels, and e-commerce channels was 13.925 billion yuan, 486 million yuan, and 255 million yuan, respectively, with year-on-year changes of +3.4%, -1.7%, and +1.8% [2] - Revenue growth was notable in East China and North China, with increases of 9.8% and 5.4% year-on-year, while Northwest China experienced a decline of 12.52% [2] Profitability and Cost Management - The gross profit margin for 2024 was 40.7%, up 3.1 percentage points year-on-year, while the net profit margin reached 9.0%, an increase of 3.0 percentage points year-on-year [3] - The company improved its management efficiency, with a sales expense ratio of 10.8% and a management expense ratio of 10.7%, showing year-on-year changes of -0.3 and -0.7 percentage points, respectively [3] Shareholder Returns - The dividend payout ratio for 2024 was 50.7%, an increase of 7.0 percentage points year-on-year, with the total dividend amount growing by 90% [4] Strategic Initiatives and Future Outlook - The company is deepening reforms through nine major strategic changes, enhancing production management and cost efficiency, and improving profitability across its subsidiaries [5] - The company aims to continue its reform and major product strategy in 2025, which is the concluding year of its 14th Five-Year Plan, to lay a solid foundation for the 15th Five-Year Plan [5] - Profit forecasts for 2025-2027 are 1.406 billion yuan, 1.656 billion yuan, and 1.922 billion yuan, with corresponding EPS of 0.50, 0.59, and 0.68 yuan, indicating a positive growth outlook [5]