燕京啤酒（000729）：U8逆势增长，24年圆满收官

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [7] Core Views - Yanjing Beer achieved a revenue of 14.667 billion yuan in 2024, 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 aims for a revenue target of 16 billion yuan in 2025, representing a year-on-year growth of 9.09% [1] - The U8 product line has shown significant growth, with sales volume reaching 696,000 kiloliters, a year-on-year increase of 31.40% [2] - The gross profit margin improved to 40.72%, an increase of 3.09 percentage points year-on-year, benefiting from lower raw material costs and product structure upgrades [3] - The company is optimistic about the U8 product line's performance and plans to enhance product structure and sales channels while focusing on high-end and youth-oriented strategies [4] Financial Summary - In 2024, the company reported a gross profit margin of 40.72%, with a net profit margin of 7.20%, reflecting an increase of 2.66 percentage points year-on-year [3] - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 37.1%, 24.1%, and 21.4%, reaching 1.45 billion, 1.80 billion, and 2.18 billion yuan respectively [4] - The company's operating revenue is projected to grow from 14.667 billion yuan in 2024 to 18.378 billion yuan in 2027, with corresponding growth rates of 9.1%, 7.8%, and 6.6% [6]