Yanjing Brewery(000729) 海通国际证券·2025-04-23 13:03Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][7]. Core Views - The company achieved a revenue of 14.67 billion yuan in 2024, representing a year-on-year growth of 3.2%, while net profit increased by 63.7% to 1.06 billion yuan [3][11]. - The core product, Yanjing U8, saw a sales growth rate of 31.4%, becoming a key driver of performance growth [4][12]. - The company is expected to continue benefiting from cost control and operational efficiency improvements, with projected net profits for 2025-2027 of 1.44 billion, 1.49 billion, and 1.52 billion yuan respectively [7][14]. Financial Performance - The beer business revenue rose by 1.0% year-on-year to 13.23 billion yuan, with a gross profit margin of 42.6% [4][13]. - The company plans to distribute a cash dividend of 1.90 yuan per 10 shares, resulting in a total cash dividend payout of 536 million yuan [3][11]. - The gross margin improved by 3.1 percentage points to 40.7%, and the net margin increased by 3.0 percentage points to 9.0% [5][13]. Market Position and Strategy - The company has made significant progress in product structure upgrades, with medium-high-end beer accounting for 67.0% of revenue [4][12]. - The number of dealers increased to 8,632, reflecting a successful expansion strategy [6][14]. - The company is focusing on national market layout and omni-channel expansion to enhance operational efficiency [6][14].