Yanjing Brewery(000729) 东吴证券·2025-04-22 07:05Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company's revenue and net profit for 2024 are projected to be 14.67 billion and 1.06 billion RMB, respectively, reflecting a year-on-year growth of 3.20% and 63.74% [7] - The company continues to focus on its U8 flagship product and high-end strategy, expecting to maintain high double-digit growth in U8 sales [7] - The report indicates a significant improvement in profit margins due to product structure upgrades and cost reductions, with a gross margin increase of 3.09 percentage points to 40.72% [7] Financial Performance Summary - Total revenue for 2023 is reported at 14.21 billion RMB, with a projected increase to 14.67 billion RMB in 2024, representing a 7.66% year-on-year growth [1] - The net profit attributable to the parent company is expected to rise from 644.71 million RMB in 2023 to 1.06 billion RMB in 2024, marking an 83.02% increase [1] - The earnings per share (EPS) is forecasted to grow from 0.23 RMB in 2023 to 0.37 RMB in 2024 [1] Sales and Market Strategy - The company achieved a total beer sales volume of approximately 400.44 million liters in 2024, with a year-on-year increase of 1.57% [7] - The U8 product line saw a sales volume of 69.60 million liters, reflecting a robust growth of 31.40% year-on-year [7] - The report notes that the company has added 98 new distributors in domestic regions, enhancing its market presence [7] Cost and Efficiency Improvements - The report attributes the increase in profitability to several factors, including the upgrade of product structure, release of cost benefits, and internal reforms that improved operational efficiency [7] - The sales and management expense ratios have decreased, contributing to an overall improvement in the company's profitability metrics [7]