Yanjing Brewery(000729) 华西证券·2025-04-28 04:50Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has maintained a high growth momentum, with the U8 product continuing to perform well, particularly in the East China region [3][4] - The company has experienced significant profit growth due to ongoing reforms and cost advantages, with expectations for continued profit increases [5][7] - The company is expected to release more benefits from its reforms, which have already led to substantial revenue and profit growth [8] Financial Performance Summary - In FY 2024, the company achieved revenue of 14.667 billion yuan, a year-on-year increase of 3.20%, and a net profit attributable to shareholders of 1.056 billion yuan, up 63.74% year-on-year [2] - For Q1 2025, the company reported revenue of 3.827 billion yuan, a 6.69% increase year-on-year, and a net profit of 165 million yuan, up 61.10% year-on-year [2] - The company's sales volume for FY 2024 was 4.0044 million tons, a 1.57% increase year-on-year, with an average price of 3,304 yuan per ton, a slight decrease of 0.56% [3] Regional Performance - Revenue from different regions in FY 2024 showed growth in North China (+5.39%) and East China (+9.82%), while South China and Central China had minimal growth [4] Profitability Analysis - The gross margin for FY 2024 was 40.72%, an increase of 3.09 percentage points year-on-year, indicating improved profitability [5] - The net profit margin for FY 2024 was 7.20%, reflecting a year-on-year increase of 2.66 percentage points [6] Future Earnings Forecast - The revenue forecast for 2025 and 2026 has been adjusted to 15.441 billion yuan and 16.269 billion yuan, respectively, with EPS estimates increased to 0.51 yuan and 0.60 yuan [9]