Yanjing Brewery(000729) 国盛证券·2025-04-25 00:33Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [6] Core Views - The company achieved a strong start in Q1 2025, with total revenue of 3.827 billion yuan, a year-on-year increase of 6.69%, and a net profit attributable to shareholders of 165 million yuan, up 61.10% year-on-year [1] - The main product U8 continues to grow at over 30%, supported by high-quality development and strategic reforms [1][3] - The company is focusing on digital transformation and supply chain improvements to enhance profitability [2] Financial Performance - In Q1 2025, the gross margin was 42.79%, an increase of 5.61 percentage points year-on-year, attributed to the rapid growth of mid-to-high-end products [2] - The net profit margin increased by 1.46 percentage points to 4.32%, indicating a steady improvement in profitability [2] - The company forecasts net profits for 2025-2027 to grow by 37.1%, 23.9%, and 21.4% respectively, reaching 1.45 billion, 1.79 billion, and 2.18 billion yuan [3] Strategic Initiatives - The company is committed to high-quality development, focusing on optimizing product structure and sales channels, and enhancing high-end and youth-oriented strategies [3] - Digital empowerment and all-channel sales are key areas of focus, with expectations for improved operational efficiency [3] - The company aims to build a sustainable supply chain ecosystem through collaboration with upstream and downstream partners [2]