Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [1] Core Views - In Q1 2024, Yanjing Beer achieved a revenue of 3.59 billion yuan, a year-on-year increase of 1.7%, and a net profit attributable to shareholders of 103 million yuan, up 58.9% year-on-year, indicating a strong start to the year [2][3] - The company has significantly improved its profitability through cost structure optimization and effective loss reduction, with a gross margin of 37.2% in Q1 2024, an increase of 0.4 percentage points year-on-year [3] - The strategic focus for the second half of the 14th Five-Year Plan emphasizes building barriers, developing a large product matrix, upgrading production and supply systems, and enhancing digital transformation [3] - The forecast for net profit attributable to shareholders for 2024-2026 is 900 million, 1.17 billion, and 1.43 billion yuan respectively, with corresponding growth rates of 40%, 30%, and 22% [3] Financial Performance Summary - For Q1 2024, the operating cash flow increased significantly to 890 million yuan, a year-on-year growth of 82.8% [2] - The company's operating profit rose to 169 million yuan, a year-on-year increase of 34.4%, with an operating profit margin of 4.7% [3] - The report projects a steady increase in total revenue from 14.21 billion yuan in 2023 to 17.44 billion yuan in 2026, with a compound annual growth rate of approximately 7.2% [2][9] Earnings Forecast and Valuation - The report estimates the earnings per share (EPS) for 2024 to be 0.32 yuan, with a price-to-earnings (P/E) ratio of 30.13 based on the latest closing price [2][10] - The projected net profit margins for 2024, 2025, and 2026 are 5.8%, 7.1%, and 8.2% respectively, indicating a positive trend in profitability [3][9]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,586,956,685.47, representing a year-on-year increase of 1.72%[3] - Net profit attributable to shareholders for Q1 2024 was CNY 102,590,178.90, a significant increase of 58.90% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 102,645,374.18, reflecting an 81.72% year-on-year growth[3] - Basic earnings per share for Q1 2024 were CNY 0.0364, an increase of 58.95% compared to CNY 0.0229 in the same period last year[3] - The total comprehensive income attributable to the parent company was CNY 102.59 million, an increase from CNY 64.56 million year-over-year, reflecting a growth of about 58.8%[17] - The total revenue for the first quarter of 2024 was approximately CNY 4.30 billion, an increase from CNY 4.00 billion in the same period last year, representing a growth of about 7.4%[18] Cash Flow and Assets - The net cash flow from operating activities reached CNY 894,630,453.45, up 82.81% from the previous year[3] - Cash and cash equivalents at the end of the period reached CNY 2.08 billion, up from CNY 1.61 billion at the end of the previous year, marking an increase of approximately 28.9%[18] - The company's cash and cash equivalents increased to CNY 8,969,932,770.34 from CNY 7,211,697,954.81, reflecting a growth of approximately 24.4%[15] - The company reported a decrease in cash received from other operating activities, which was CNY 202.12 million compared to CNY 434.99 million in the previous year[18] - The cash outflow for purchasing goods and services was CNY 2.06 billion, down from CNY 2.28 billion in the same period last year, indicating a reduction of about 9.9%[18] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 23,297,956,154.65, a 9.74% increase from the end of the previous year[3] - Current assets totaled CNY 13,609,914,605.01, an increase from CNY 11,554,797,608.53, indicating a growth of about 17.7%[15] - Total liabilities rose to CNY 8,175,384,211.51, compared to CNY 6,262,753,838.75, showing an increase of about 30.5%[15] - The company's inventory increased to CNY 4,090,193,809.66 from CNY 3,863,609,066.90, representing a rise of approximately 5.9%[15] - The company reported a significant increase in accounts payable, which rose to CNY 1,682,889,739.40 from CNY 1,239,330,059.74, an increase of approximately 35.8%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 68,225, with the largest shareholder, Beijing Yanjing Beer Investment Co., Ltd., holding 57.40% of shares, totaling 1,617,727,568 shares[8] - The second largest shareholder, Hong Kong Central Clearing Limited, holds 2.95% of shares, amounting to 83,110,786 shares[8] - The top ten shareholders include various entities, with the largest individual shareholder, Tang Jianhua, holding 1.78% or 50,257,239 shares[9] - The company has a total of 297,607,894 preferred shares with restored voting rights[8] - The company has a total of 20,623,380 shares held by China Construction Bank Co., Ltd. - Penghua CSI Wine ETF, representing 0.73% of total shares[10] - The company has a total of 7,843,604 shares held by Agricultural Bank of China Co., Ltd. - CSI 500 ETF, representing 0.28% of total shares[10] Strategic Goals and Development - The company emphasized its commitment to high-quality development and strategic goals for 2024, focusing on innovation and reform[5] - The company has made changes in its consolidation scope, with the subsidiary Yanjing Beer (Hengyang) Co., Ltd. deregistering its controlling subsidiary, Yanjing Beer Hunan Marketing Co., Ltd.[12] - The company has applied for bank credit and plans to use its own funds for structured deposits[13] Research and Development - Research and development expenses for Q1 2024 were CNY 68,256,454.03, slightly down from CNY 69,347,235.02 in Q1 2023, a decrease of about 1.6%[16] Accounting and Reporting - The company did not report any net profit from subsidiaries prior to consolidation, consistent with the previous year[17] - The company has not yet adopted the new accounting standards for the current year[19] - The first quarter report was not audited[19]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨燕京啤酒（ ） 000729.SZ [燕Ta京b啤le_酒Ti2tl0e2]3 年年报点评：结构优化趋势延续， 费效提升拉动盈利 报告要点 [燕Ta京bl啤e_酒Su2m0m23ar年y]度实现营业总收入142.13亿元（同比+7.66%）；归母净利润6.45亿元（同 比+83.02%），扣非净利润5亿元（同比+84.23%）。单看2023Q4，公司实现营业总收入17.97 亿元（同比-4.41%）；归母净利润-3.11亿元（同比减亏），扣非净利润-3.66亿元（同比增亏）。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 annual report shows revenue of 14.213 billion yuan, a year-on-year increase of 7.66%, and a net profit attributable to shareholders of 644.71 million yuan, a year-on-year increase of 83.02% [2][3] - The beer business has seen both volume and price increases, with revenue growth of 7.5% and a significant increase in sales of the U8 product line, which grew over 36% [3] - The company has successfully implemented reforms, leading to improved profitability, with an overall gross margin of 37.6% in 2023 [3][4] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.213 billion yuan and a net profit of 644.71 million yuan, with a notable increase in net profit margin to 4.5% [2][3] - The company forecasts net profits of 899.83 million yuan for 2024, with a growth rate of 40% [4] Business Segments - The beer segment's revenue increased by 7.5%, with a unit price increase of 2.8% to 3,322 yuan per ton and sales volume reaching 3.94 million kiloliters, a 4.6% increase [3] - High-end product revenue grew by 13.3%, accounting for 66.3% of total beer revenue [3] Cost Management and Efficiency - The company has reduced its workforce by 2,303 employees, leading to a decrease in overall management costs despite an increase in severance benefits [3][4] - The overall cost structure has improved, with sales, management, and R&D expense ratios showing mixed results [3] Future Outlook - The company expects continued growth from its key products, including U8 and other new offerings, with a projected net profit growth of 40% in 2024 [4] - The latest closing price corresponds to a P/E ratio of 31 for 2024, indicating strong long-term growth potential [4]

[Table_Page] 年报点评|非白酒 证券研究报告 [燕Table_京Title] 啤酒（000729.SZ） [公Tab司le_I评nves级t] 买入 当前价格 9.30元 改革加速，弹性可期 合理价值 11.9元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-17 ⚫ 2023如期收官，业绩超预告中值。2023年营收同比+7.7%至142.1亿 [相Tab对le_P市icQ场uote表] 现 元，归母净利润同比+83.0%至6.4亿元，业绩超此前预告区间中值。 ⚫ 全年量价齐升，U8大单品势头不减。2023年公司销量/吨营收/吨成本 2% -7%04/23 06/23 08/23 10/23 12/23 02/24 04/24 同比+4.6%/3.0%/2.6%至394.2万千升/3605/2249元/千升，销售毛利 -16% 率/啤酒业务毛利率同比+0.2/0.5pct 至 37.6%/38.9%，中高档/普通产 -24% 品营收同比+13.3%/-2.3%至86.8/44.2亿元，U8销量同增超36%。 -33% ⚫ 费用效率持续提升，盈利能力持 ...

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 燕京啤酒（000729）公司年报点评 2024年04月18日 [Table_InvestInfo] 投资评级 优于大市 维持 U8 高增驱动量价齐升，盈利改善持续兑现 股票数据 [Table_Summary] 0[4T月ab1le7_日S收to盘ck价（In元fo）] 9.71 投资要点： 52周股价波动（元） 7.59-13.75 总股本/流通A股（百万股） 2819/2510 总市值/流通市值（百万元） 27368/24368  事件。公司发布2023年年报：2023年公司142.13亿元，同比+7.7%，归母 相关研究 净利润6.45亿元，同比+83.0%，扣非后归母净利润5.00亿元，同比+84.2%， [《Ta营bl收e_稳R健ep增or长tIn，fo经] 营效率持续改善》 其中Q4单季公司实现营业总收入17.97亿元，同比-4.4%，归母净利润-3.11 亿元，扣非后归母净利润-3.66亿元。业绩符合此前预告。 2023.10.27 《子公司减亏成效显著，Q2 业绩表现亮眼》 2023.08.24  U8 增长势能延续，高端 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 18 日 燕 京啤酒(000729.SZ) 证券研究报告 改革红利加速释放，产品结构持续提升 啤酒 投资评级 买入-A 事件： 上调评级 公司披露 2023 年年报，全年实现营业收入 142.13 亿元，同比 6 个月目标价 11.55元 +7.66%；归母净利润 6.45 亿元，同比+83.02%。其中 23Q4 实现营 股价 (2024-04-17) 9.71元 业收入 17.97 亿元，同比-4.41%；归母净利润-3.11 亿元，同比 +2.77%。 交易数据 营销变革持续推进，品牌高端化提速。 总市值(百万元) 27,368.02 流通市值(百万元) 24,367.83 收入端，公司持续加大中高端产品布局，坚定推进大单品战略， 着力提升中高档产品占比，推动产品结构进一步升级。2023 年度 总股本(百万股) 2,818.54 公司实现啤酒销量394.24 万千升，同比增长 4.57%，增速快于行 流通股本(百万股) 2,509.56 业增速，其中燕京 U8 销量同比增长超36%。营业收入创历史新高， 12 个月价 ...

2024年04月17日 公司研究●证券研究报告 燕京啤酒（ ） 公司快报 000729.SZ 食品饮料 | 啤酒Ⅲ U8 增势延续，利润表现亮眼 投资评级 增持-A(首次) 股价(2024-04-17) 9.71元 事件： 公司发布2023年年报，2023全年公司实现营业收入142.13亿元，同比+7.7%，实 交易数据 现归母净利润6.45亿元，同比+83.02%，实现扣非归母净利润5亿元，同比+84.23%。 总市值（百万元） 27,368.02 单季度来看，23Q4公司实现营业收入17.97亿元，同比-4.41%，实现归母净利润-3.11 流通市值（百万元） 24,367.83 亿元，同比+2.78%，实现扣非归母净利润-3.66亿元，同比-2.19%。 总股本（百万股） 2,818.54 流通股本（百万股） 2,509.56 投资要点 12个月价格区间 13.46/7.87 收入分析：U8维持高增，结构升级趋势延续。2023年公司实现营收142.13亿元， 一年股价表现 同比+7.7%（其中Q1：+13.74%；Q2：+7.65%；Q3：+8.53%；Q4：-4.41%）。 公司啤酒业务实现收入13 ...

研究报告Research Report 17 Apr 2024 燕京啤酒 Beijing Yanjing Brewery (000729 CH) 2023 年报点评：U8 增速亮眼，改革红利持续 The sales volume of U8 maintained high growth, corporate reform improved profitability [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件。公司发布 2023 年年报，全年实现营收 142.1 亿元，同比增 评级 优于大市OUTPERFORM 长7.7%；归母净利润6.5亿元，同比增长83.0%；扣非归母净利润 现价 Rmb9.30 目标价 Rmb13.50 5.0 亿元，同比增长 84.2%。23Q4 实现营收 18.0 亿元，同比下降 4.4%；归母净利润亏损3.1亿元（22Q4亏损3.2亿元）；扣非归母 HTI ESG 1.1-1.1- ...

关于北京燕京啤酒股份有限公司 非经营性资金占用及其他关联 资金往来的专项说明 致同会计师事务所 (特殊普通合伙) - Comment of Compone 目 录 关于北京燕京啤酒股份有限公司非经营性资金占用及其他关联资 金往来的专项说明 北京燕京啤酒股份有限公司 2023年度非经营性资金占用及其他关 1 联资金往来情况汇总表 | [ T ක and and the state of the subject of the subject of the states of the subject of the subject of the states of the see and in the same 关于北京燕京啤酒股份有限公司 非经营性资金占用及其他关联资金往来的专项说明 致同专字(2024)第 110A006735 号 北京燕京啤酒股份有限公司全体股东: 我们接受北京燕京啤酒股份有限公司(以下简称"燕京啤酒公司")委 托,根据中国注册会计师执业准则审计了燕京啤酒公司 2023年 12月 31日的合 并及公司资产负债表,2023年度合并及公司利润表、合并及公司现金流量表、 合并及公司股东权益变动表和财务 ...