| 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | --- | --- | --- | --- | --- | --- | | 688041 海光信息 | | 华创证券 | 推荐 | 賀准 | 未营体 | | | 日期:12日24日 南帆投研通×南财快讯制图 | | | | | 首次覆盖方面，12月24日券商共给出了12次首次覆盖，其中健康元获得西部证券给予"买入"评级，燕京啤酒获 得爱建证券给予"买入"评级，赛轮轮胎获得中银国际证券给予"买入"评级，西部矿业获得渤海证券给予"增持"评 级，数据港获得东北证券给予"买入"评级。 | | | 12家最新被首次覆盖的公司 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 行业 | | 600380 | 健康元 | 西部证券 | 采入 | 化学制药 | | 000729 | 燕京啤酒 | 爱建证券 | ポソ | 非白酒 | | 601058 | 赛轮轮胎 | 中银国际证券 | 派 | 汽车零部件 | | 601168 | 西部矿业 | 渤海证券 | 增持 ...

Summary of Key Points from the Conference Call Industry Overview - The food and beverage industry is experiencing systemic opportunities driven by policies aimed at expanding domestic demand and increasing residents' income levels, which are expected to enhance consumption capabilities [1][2] - The liquor industry is undergoing a deep adjustment, with expectations of entering an EPS killing phase by 2025, while high-end liquor brands like Moutai and Lao Jiao are recommended for investment [1][4] - The dairy industry has completed supply-demand adjustments, with anticipated increases in demand for milk powder and liquid milk due to fertility and income policies, highlighting companies like Yili and New Dairy as potential recovery opportunities [1][5] - The snack food sector is benefiting from the "lipstick effect," new channels, and health trends, with recommendations for companies such as Salted Fish, Wei Long, Wan Chen Food, and Qiaqia Food [1][6] - The beverage sector is seeing a clear trend towards health, with non-traditional channels gaining market share, making high-growth companies like Dongpeng Beverage noteworthy [1][7] Key Insights and Arguments - The central economic work conference in 2026 will prioritize expanding domestic demand, which is expected to lead to a series of policies stimulating consumption, positively impacting the food and beverage industry [2] - The food and beverage sector has faced significant changes in volume, price, and channel structure over the past six years, with varying performances across sub-sectors [3] - The liquor sector is expected to see marginal improvements in 2026, driven by policies aimed at boosting business and government consumption [4] - The dairy sector is projected to enter a recovery phase, with increased demand anticipated due to supportive policies [5] - The snack food market is expected to gradually recover, supported by rising incomes and new retail channels [6] Additional Important Content - Cost fluctuations are a significant factor affecting the performance of consumer goods companies, with some agricultural product costs declining, providing investment opportunities [9] - The planting area for sunflower seeds is expected to recover, leading to a projected 10% decrease in the cost of sunflower seeds, which will positively impact Qiaqia Food's gross margin [10][11] - The konjac market is facing supply-demand imbalances, with high prices expected to ease in 2026, alleviating cost pressures for companies like Wei Long and Salted Fish [12] - The sugar molasses market is currently at low prices, providing strong support for Angel Yeast's profitability [13] - Innovative companies are leveraging product and channel innovations to drive growth, with notable examples including Nongfu Spring and Uni-President [14] - Efficient supply chain management is crucial for companies, with Dongpeng Beverage demonstrating strong performance in this area [15] Future Outlook - Dongpeng Beverage is expected to achieve double-digit growth in 2026 through strategic measures and product innovations [16] - Wan Chen is enhancing store quality and accelerating store openings, which is expected to improve profitability in the snack food sector [17][18] - Hai Tian Flavoring has implemented efficiency improvements under new management, resulting in revenue and profit growth exceeding industry averages [19] - The restaurant industry is expected to see a mild recovery, with companies like Yihai International and Tianhe Flavoring showing potential for improvement [20][21] - In the liquor sector, companies like Yanghe and Budweiser are expected to benefit from product and channel improvements, leading to potential breakthroughs in performance [22][23][25] - Gan Yuan Food is focusing on expanding e-commerce and high-end membership stores, with a stable development outlook [26][27] - Overall, companies in the food and beverage sector are expected to experience gradual recovery and growth, making them worthy of investor attention [28]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company is effectively implementing a big product strategy, with sustained growth momentum. The revenue projections for 2025, 2026, and 2027 are estimated at 156.9 billion, 167.2 billion, and 177.0 billion yuan, respectively, reflecting year-on-year growth rates of 7.0%, 6.6%, and 5.9%. The net profit attributable to shareholders is projected to be 14.5 billion, 17.6 billion, and 20.3 billion yuan for the same years, with growth rates of 36.9%, 22.0%, and 15.3% respectively [3][5]. Summary by Sections Market Data - Closing price: 12.04 yuan - One-year high/low: 14.36/10.7 yuan - Price-to-book ratio: 2.1 - Dividend yield: 1.58% - Market capitalization of circulating A shares: 30,216 million yuan [2]. Financial Projections - Total revenue for 2023 is 14,213 million yuan, with a year-on-year growth rate of 7.7%. The net profit for the same year is 645 million yuan, showing a significant increase of 83.0% [5][19]. - The gross margin is expected to improve from 37.6% in 2023 to 45.0% by 2027, indicating a positive trend in profitability [5][19]. Product Strategy - The company has established a product matrix that includes high-end products like U8, V10, and regional specialties, which have shown strong sales growth. The U8 product line is expected to achieve a sales target of 90,000 tons in 2025, with a year-on-year growth of 31.4% [3][4]. - The company is focusing on expanding its market presence through initiatives like the "Hundred Counties" and "Hundred Cities" projects, targeting high-capacity and high-growth cities [5][19]. Competitive Landscape - The beer industry is characterized by stable competition, with production levels stabilizing around 35 million kiloliters since 2021. The company has been outperforming the industry in terms of sales growth, driven by its successful U8 product strategy [3][4]. Revenue Breakdown - Revenue from mid-to-high-end beer is projected to grow from 95.1 billion yuan in 2025 to 109.2 billion yuan in 2027, with gross margins improving from 52.0% to 55.0% [3][5]. - Revenue from regular beer is expected to grow modestly, with projections of 44.5 billion yuan in 2025 and 46.0 billion yuan in 2027, maintaining a stable gross margin of around 31.5% [3][5].

每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，燕京啤酒（SZ 000729，收盘价：12.12元）12月22日晚间发布公告称，拟按2025年9月30 日总股本约28.19亿股为基数，每10股派现金1元（含税），不送红股，不以资本公积金转增股本。股权 登记日为2025年12月26日。除权除息日为2025年12月29日。 2025年1至6月份，燕京啤酒的营业收入构成为：啤酒占比92.26%，其他占比7.74%。 截至发稿，燕京啤酒市值为342亿元。 ...

证券日报网讯12月22日，燕京啤酒（000729）在互动平台回答投资者提问时表示，截至2025年12月19 日，公司股东总户数为44366户。 ...

南财智讯12月22日电，燕京啤酒发布2025年前三季度分红派息实施公告，公司2025年前三季度利润分配 方案为：以公司现有总股本为基数，向全体股东每10股派1.00元人民币现金（含税）。本次权益分派总 金额为28185.39万元。股权登记日为2025年12月26日，除息日为2025年12月29日。公司本次实施的分配 方案与股东会审议通过的分配方案一致。 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-86 北京燕京啤酒股份有限公司 2025 年前三季度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要提示： 一、股东会审议通过利润分配方案情况 1、股东会审议通过的分配方案的具体内容 北京燕京啤酒股份有限公司（以下简称"公司"、"本公司"）2025 年前 三季度利润分配方案已获 2025 年 11 月 5 日召开的 2025 年第一次临时股东会审 议通过，股东会决议公告刊登在 2025 年 11 月 6 日的《中国证券报》、《证券时 报》、《证券日报》、《上海证券报》和巨潮资讯网（www.cninfo.com.cn）。 公司 2025 年前三季度利润分配方案具体内容为：公司 2025 年前三季度利润 分配采取派发现金股利的方式，以固定比例的方式分配。拟按 2025 年 9 月 30 日总股本 2,818,539,341 股为基数，每 10 股派现金 1.00 元（含税），不送红股， 不以资本公积金转增股本。公司拟共分配现金股利 281,853,934.10 元。 2、自分配方 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the Chinese staples sector, including Guizhou Moutai, Wuliangye, and Yanjing Beer among others [1]. Core Insights - The global beer industry is undergoing a profound transformation, shifting from cyclical fluctuations to structural changes, driven by health consciousness and generational shifts in consumption [3][10]. - In China, the beer market faces unique challenges, including a transition to value-driven consumption, the failure of traditional distribution models, and intensified cross-industry competition [17][18]. Summary by Sections Global Beer Industry Transformation - Global beer sales are projected to decline by 1% in 2024, remaining below pre-pandemic levels, with significant shifts in consumer behavior noted, particularly among younger generations [10][12]. - Health awareness is leading to a reduction in alcohol consumption, with 49% of American consumers planning to drink less, a trend that is even more pronounced among Generation Z [12][17]. Strategic Directions for Chinese Beer Companies - **Leadership and Efficiency**: Establishing a dominant position in the local market is crucial for global expansion. Companies should focus on high-end product quality, optimizing cost structures, and building strong regional brands before expanding nationally [4][19]. - **Diversification**: Successful diversification should focus on product synergy, channel reuse, and brand extension, with a high success rate in expanding into related categories like low-alcohol and soft drinks [5][37]. - **Internationalization**: Companies should adopt a cautious approach to internationalization, starting with exports and partnerships in Belt and Road countries to mitigate risks [6][7]. Investment Recommendations - The report suggests that Chinese beer companies should enhance operational efficiency, innovate product offerings tailored to local tastes, and pursue diversification and internationalization strategies that are risk-controlled [7][34]. - Key investment lines include operational improvements leading to value reassessment, beneficiaries of structural upgrades, and pioneers in emerging categories [7][34].

Group 1 - The beer concept index rose by 1.63%, ranking 7th among concept sectors, with 18 stocks increasing in value, including Jia Mei Packaging, Huang Shi Group, and Zhong Yao Holdings reaching the daily limit, while ST Xi Fa, Jin Hui Jiu, and Yan Jing Jiu saw declines [1][4] - The leading gainers in the beer sector included Kai Mei Te Qi, which increased by 7.72%, Tian Hong Co., which rose by 3.68%, and Hui Quan Beer, which went up by 2.18% [1][4] - The sector experienced a net inflow of 1.282 billion yuan, with 12 stocks receiving net inflows, and five stocks exceeding 10 million yuan in net inflow, led by Kai Mei Te Qi with 909 million yuan [2][6] Group 2 - The top three stocks by net inflow ratio were Jia Mei Packaging at 90.12%, Zhong Yao Holdings at 35.75%, and Kai Mei Te Qi at 26.45% [3][6] - The trading volume for Kai Mei Te Qi was 90.9018 million yuan, while Zhong Yao Holdings had a trading volume of 24.63017 million yuan, and Huang Shi Group reached 13.78175 million yuan [3][6] - The beer concept sector's performance was contrasted by declines in stocks such as ST Xi Fa, which fell by 1.14%, Jin Hui Jiu by 0.90%, and Yan Jing Jiu by 0.49% [1][4]

公司持续提升可持续发展（ESG）披露质量，主动发布报告。《2024年度可持续发展报告》中首次将第 三方对当期报告的评价升级为第三方独立审验声明，2025年中首次在官网同步发布中英文版《绿色行动 报告》，持续增强可持续发展进程的透明度与传播力。 2025年，燕京啤酒 ESG评级由A级晋升至AA级，位列饮料行业第4位，华证ESG评级由BBB跃升至 AA，CDP水问卷获B评级，处于国内啤酒行业领先水平。公司荣获"上市公司可持续发展最佳实践案 例""北京市属国有控股上市公司ESG优秀案例—治理篇""中国酒业ESG示范企业""美丽中国建设实践案 例"等20余项荣誉。 燕京啤酒（000729）党委书记、董事长耿超获评第十九届上市公司价值论坛年度ESG先锋人物。他出生 于1975年，中共党员，法学硕士。自担任燕京啤酒董事长以来，他充分立足企业发展实际，系统廓清工 作思路，大胆提出了"二次创业，复兴燕京"战略构想，并将"十四五"时期定义为燕京啤酒的战略重构 期，全面推行改革变革，明确提出 "五战五胜"的阶段性战略目标，为公司长远发展锚定了清晰方向。 在环境、社会和公司治理（ESG）维度上，耿超同样展现出卓越的领导力与前瞻性的 ...