Yanjing Brewery(000729) 国盛证券·2025-04-11 10:23Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [6] Core Views - Yanjing Beer has shown strong performance in its preliminary 2024 results, with total revenue reaching 14.667 billion yuan, a year-on-year increase of 3.20%, and a net profit attributable to shareholders of 1.056 billion yuan, up 63.74% year-on-year [1] - The company's flagship product, U8, has achieved significant sales growth, with a volume increase of 31.40% year-on-year, contributing to a net profit margin of 7.20% in 2024, an increase of 2.66 percentage points [1][3] - The first quarter of 2025 is expected to continue this positive trend, with net profit projected to grow by 55.96% to 67.66% year-on-year [1][3] Summary by Sections Financial Performance - In 2024, Yanjing Beer achieved a total beer sales volume of 4.0044 million kiloliters, a year-on-year increase of 1.57% [1] - The company forecasts net profits for 2024-2026 to grow by 63.8%, 40.1%, and 29.4%, reaching 1.056 billion, 1.480 billion, and 1.915 billion yuan respectively [3] Strategic Initiatives - The company is focusing on digital transformation and supply chain improvements as part of its "14th Five-Year Plan," aiming to enhance production efficiency and profitability [2] - Yanjing Beer is implementing nine major reforms to drive high-quality development, including optimizing product structure and sales channels [3] Market Position - The report highlights that Yanjing Beer is well-positioned to benefit from a recovering dining market and a trend towards premiumization, which is expected to further enhance profit margins [3]