Yanjing Brewery(000729) 光大证券·2025-04-22 08:15Investment Rating - The report maintains an "Accumulate" rating for Yanjing Beer (000729.SZ) with a current price of 12.66 CNY [1] Core Views - Yanjing Beer achieved a significant profit increase in 2024, with a net profit of 1.06 billion CNY, representing a year-on-year growth of 63.7% [4][6] - The company has improved its dividend payout ratio to 50.7%, an increase of 7.0 percentage points year-on-year, with a dividend amount growth of 90% [6] - The report highlights the strong performance of the U8 product line, which saw a sales increase of 31.4% year-on-year [5][7] Summary by Sections Financial Performance - In 2024, Yanjing Beer reported operating revenue of 14.67 billion CNY, a year-on-year increase of 3.2%, and a net profit of 1.06 billion CNY [4] - The beer revenue was 13.23 billion CNY, with a volume of 4 million kiloliters, reflecting a 1.0% increase in revenue and a 1.6% increase in volume [5] - The average price per ton of beer decreased by 0.6% to approximately 3,304 CNY per kiloliter [5] Cost and Efficiency - The gross margin for 2024 was 40.7%, up by 3.1 percentage points year-on-year, attributed to lower raw material costs and improved sales volume [6] - The company has focused on cost reduction and efficiency improvements, leading to a net profit margin of 9.0% for the year [6] Strategic Initiatives - Yanjing Beer is implementing nine major reform strategies to enhance production management and cost efficiency [7] - The company aims to continue its reform efforts and focus on its major product strategy to lay a solid foundation for future growth [7] Profit Forecast and Valuation - The report forecasts net profits of 1.41 billion CNY, 1.66 billion CNY, and 1.92 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.50 CNY, 0.59 CNY, and 0.68 CNY [7][9] - The projected P/E ratios for 2025, 2026, and 2027 are 25x, 22x, and 19x respectively, indicating a favorable valuation outlook [7][9]