Yanjing Brewery(000729) 东吴证券·2025-04-22 10:23Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report emphasizes the strengthening of the big product and high-end logic, with continuous realization of reform effects [1] - The company achieved a total revenue of 14.67 billion yuan in 2024, representing a year-on-year growth of 3.20%, while the net profit attributable to shareholders reached 1.06 billion yuan, up 63.74% year-on-year [1] - The company continues to focus on the U8 flagship product and high-end strategy, with expectations for U8 sales to maintain high double-digit growth [1] Financial Performance Summary - Total revenue and net profit forecasts for 2025-2027 are adjusted to 14.79 billion, 18.42 billion, and 22.26 billion yuan respectively, with year-on-year growth rates of 40.06%, 24.59%, and 20.83% [1] - The company's gross margin increased by 3.09 percentage points to 40.72% in 2024, with a net profit margin of 9.03%, up 3.02 percentage points [1] - The report indicates that the company has successfully upgraded its product structure, with mid-to-high-end products accounting for a growing share of revenue [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% [1] - The U8 product line saw a significant sales increase of 31.40% year-on-year, indicating successful nationwide expansion [1] - The report highlights the company's strategic expansion and sales channel upgrades, contributing to its overall performance [1]