Yanjing Brewery(000729) 国盛证券·2025-04-22 10:23Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company 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 company is focusing on product structure optimization and channel upgrades, which are expected to enhance profitability [4] Financial Performance - In 2024, the company's gross margin was 40.72%, an increase of 3.09 percentage points year-on-year, primarily due to lower raw material costs and product structure upgrades [3] - The net profit margin increased by 2.66 percentage points to 7.20% in 2024 [3] - The company forecasts net profits for 2025-2027 to grow by 37.1%, 24.1%, and 21.4%, reaching 1.45 billion, 1.80 billion, and 2.18 billion yuan respectively [4] Sales and Market Strategy - The company achieved a beer sales volume of 4.0044 million kiloliters in 2024, with a focus on expanding the U8 brand nationally [2] - The revenue from mid-to-high-end products reached 8.865 billion yuan, accounting for 67.01% of total revenue, indicating a shift towards higher-margin products [2] - The company is implementing a strategy of digital empowerment and all-channel sales to enhance operational efficiency [4]