Yanjing Brewery(000729) 海通国际·2025-04-24 00:23Investment 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 ongoing reforms, which are anticipated to enhance management efficiency and profitability [7][14]. Financial Performance - The revenue from the beer business 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 projected net profits for 2025, 2026, and 2027 are 1.44 billion yuan, 1.49 billion yuan, and 1.52 billion yuan, respectively, with corresponding EPS of 0.51 yuan, 0.53 yuan, and 0.54 yuan [7][10]. Market Position and Strategy - The company has successfully optimized its product structure, with medium-high-end beer accounting for 67.0% of revenue [4][12]. - The number of dealers increased to 8,632, reflecting the company's expansion strategy across various channels [6][14]. - The company has effectively controlled costs, leading to improved profitability metrics, including a net profit margin of 9.0% [5][13].