Yanjing Brewery(000729) 国盛证券·2025-04-25 01:23Investment Rating - The report maintains a "Buy" rating for Yanjing Beer (000729.SZ) [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] - The company is focusing on digital transformation and supply chain improvements to enhance profitability [2] - The report projects significant growth in net profit for 2025-2027, with expected increases of 37.1%, 23.9%, and 21.4% respectively, reaching 1.45 billion yuan, 1.79 billion yuan, and 2.18 billion yuan [3] 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 improved by 1.46 percentage points to 4.32% [2] - The company’s revenue is projected to grow from 14.213 billion yuan in 2023 to 18.378 billion yuan in 2027, with a compound annual growth rate of approximately 6.6% [5] - The earnings per share (EPS) is expected to rise from 0.23 yuan in 2023 to 0.77 yuan in 2027 [5] 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] - The implementation of nine major reforms and digital empowerment is expected to further improve operational efficiency [3] - The company aims to build a sustainable supply chain ecosystem by enhancing safety, compliance, and supplier empowerment [2]