Yanjing Brewery(000729) 长江证券·2025-04-28 05:12Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a total revenue of 14.667 billion yuan in 2024, representing a year-on-year increase of 3.2%. The net profit attributable to the parent company was 1.056 billion yuan, up 63.74% year-on-year, while the net profit excluding non-recurring items reached 1.041 billion yuan, reflecting a 108.03% increase year-on-year [2][6]. - In Q4 2024, the company achieved a total revenue of 1.821 billion yuan, a year-on-year increase of 1.32%. However, the net profit attributable to the parent company was a loss of 0.232 billion yuan, with a net profit excluding non-recurring items also showing a loss of 0.221 billion yuan, indicating a reduction in losses [2][6]. - The company expects to continue its high-quality development trajectory, with confidence in achieving new highs in revenue and profit for 2025 [12]. Summary by Sections Financial Performance - In 2024, the company's total revenue was 14.667 billion yuan, with a gross profit margin of 41%. The operating profit was 1.609 billion yuan, accounting for 11% of total revenue [18]. - The company’s net profit margin improved to 7.2%, an increase of 2.7 percentage points year-on-year [12]. Sales and Market Dynamics - The company sold 4 million kiloliters in 2024, a year-on-year increase of 1.6%. The U8 product line saw a significant sales increase of 31.4% year-on-year [12]. - Revenue growth varied by region, with North China and East China showing increases of 5.4% and 9.8% respectively, while Northwest China experienced a decline of 12.5% [12]. Cost Management and Efficiency - The company successfully reduced its cost per ton by 6.6% year-on-year, leading to an overall improvement in gross profit margin by 3.1 percentage points to 40.7% [12]. - The company streamlined its workforce, reducing the number of employees by 1,440, which contributed to a decrease in overall expense ratios [12]. Future Outlook - The company is optimistic about its performance in 2025, projecting earnings per share (EPS) of 0.51 yuan, 0.58 yuan, and 0.65 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 25X, 22X, and 19X [12].