Yanjing Brewery(000729) 东方证券·2025-04-25 07:51Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.18 CNY per share [5][11]. Core Insights - The company achieved strong profit growth in Q1 2025, with total revenue reaching 3.827 billion CNY, a year-on-year increase of 6.69%. The total profit amounted to 284 million CNY, up 72.32% year-on-year, and the net profit attributable to shareholders was 165 million CNY, reflecting a 61.1% increase [2][10]. - Beer sales volume in Q1 2025 was 995,000 kiloliters, a 3.1% increase year-on-year, with the flagship product, Yanjing U8, maintaining a growth rate of over 30% [2][10]. - The company expects to achieve a revenue target of 16 billion CNY for 2025, representing a 9.09% increase from 2024 [10]. Financial Performance Summary - The company forecasts earnings per share (EPS) of 0.53 CNY, 0.67 CNY, and 0.77 CNY for the years 2025, 2026, and 2027 respectively [3][11]. - The gross profit margin for Q1 2025 was 42.79%, an increase of 5.61 percentage points year-on-year, while the net profit margin was 4.32%, up 1.46 percentage points year-on-year [10]. - The company’s financial projections indicate a steady increase in revenue and profit over the next few years, with net profit expected to reach 2.182 billion CNY by 2027 [4][14].