Core Viewpoint - Yanjing Beer has reported record high revenue and net profit for 2024, demonstrating strong growth, resilience, and potential in a challenging beer industry environment, positioning itself as a benchmark for growth amid market competition [1]. Financial Performance - In 2024, Yanjing Beer achieved operating revenue of 14.67 billion yuan, a year-on-year increase of 3.20% [4]. - Operating profit reached 1.61 billion yuan, up 56.96% year-on-year [4]. - Total profit amounted to 1.57 billion yuan, reflecting a 51.26% increase [4]. - The net profit attributable to shareholders was 1.06 billion yuan, marking a 63.74% rise, while the net profit after deducting non-recurring gains and losses was 1.04 billion yuan, up 108.03% [4]. Product and Market Development - Yanjing Beer is focusing on a "premiumization and youth-oriented" strategy, developing a multi-tiered product matrix and rapidly launching new products to align with consumer trends [6]. - The company has upgraded its sales channels and achieved a beer sales volume of 4.00 million kiloliters, a 1.57% increase year-on-year, with Yanjing U8 sales reaching 696,000 kiloliters, up 31.40% [9]. Management and Operational Efficiency - Yanjing Beer has integrated ESG principles into its core strategy, establishing a "green brewing-responsible supply chain-value co-creation" system to promote sustainable and high-quality development [11]. - The company has enhanced its production management structure and implemented advanced tools to improve quality control and cost efficiency [11]. - In supply chain management, Yanjing Beer has digitized its logistics and procurement processes, enhancing overall supply chain management capabilities [13]. Future Outlook - Yanjing Beer aims to maintain strategic focus and confidence in development, preparing for a strong finish to the 14th Five-Year Plan and a solid start to the 15th Five-Year Plan, ensuring sustainable high-quality growth [15].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][7]. Core Views - The company achieved a revenue of 14.67 billion yuan in 2024, representing a year-on-year growth of 3.2%, while net profit increased by 63.7% to 1.06 billion yuan [3][11]. - The core product, Yanjing U8, saw a sales growth rate of 31.4%, becoming a key driver of performance growth [4][12]. - The company is expected to continue benefiting from cost control and operational efficiency improvements, with projected net profits for 2025-2027 of 1.44 billion, 1.49 billion, and 1.52 billion yuan respectively [7][14]. Financial Performance - The beer business revenue rose by 1.0% year-on-year to 13.23 billion yuan, with a gross profit margin of 42.6% [4][13]. - The company plans to distribute a cash dividend of 1.90 yuan per 10 shares, resulting in a total cash dividend payout of 536 million yuan [3][11]. - The gross margin improved by 3.1 percentage points to 40.7%, and the net margin increased by 3.0 percentage points to 9.0% [5][13]. Market Position and Strategy - The company has made significant progress in product structure upgrades, with medium-high-end beer accounting for 67.0% of revenue [4][12]. - The number of dealers increased to 8,632, reflecting a successful expansion strategy [6][14]. - The company is focusing on national market layout and omni-channel expansion to enhance operational efficiency [6][14].

Investment Rating - The report maintains a "Buy" investment rating for Yanjing Beer [1] Core Views - The company has demonstrated robust performance with total revenue and net profit for 2024 reaching 14.667 billion and 1.056 billion yuan, respectively, reflecting a year-on-year growth of 3% and 64% [2] - The beer business has shown significant improvement in gross margin, particularly in mid-to-high-end products, with a gross margin increase of 4.16 percentage points to 48.09% [3] - The company is expected to continue benefiting from the growth of its U8 product line and ongoing cost control measures, leading to sustained high profit growth [9] Summary by Sections Financial Performance - In 2024, total revenue was 14.667 billion yuan, with a net profit of 1.056 billion yuan, marking a 3% increase in revenue and a 64% increase in net profit year-on-year [2] - The gross margin for 2024 was 41%, up 3.1 percentage points, while the net margin was 9%, also up 3 percentage points [2] - Operating cash flow significantly improved, reaching 2.549 billion yuan, a year-on-year increase of 81% [2] Beer Business Insights - Beer revenue for 2024 was 13.230 billion yuan, with mid-to-high-end products contributing 8.865 billion yuan, reflecting a 2.15% increase [3] - The total beer sales volume was 4.0044 million kiloliters, with U8 maintaining over 30% growth, achieving sales of 696,000 kiloliters [3] Channel and Regional Performance - Revenue from traditional, KA, and e-commerce channels was 13.925 billion, 486 million, and 255 million yuan, respectively, with e-commerce channel gross margin increasing by 0.44 percentage points to 28.35% [8] - Regional revenue showed growth in North and East China, with North China revenue at 7.830 billion yuan, up 5.39% [8] Profit Forecast - The company is projected to have EPS of 0.51, 0.62, and 0.75 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 25, 21, and 17 times [9]

Investment Rating - The report maintains a "Buy" investment rating for Yanjing Beer [1] Core Views - The company has demonstrated robust performance with significant profit growth, achieving total revenue and net profit of 14.67 billion and 1.06 billion yuan respectively in 2024, representing year-on-year increases of 3% and 64% [2] - The beer business has seen a notable improvement in gross margin, particularly in mid-to-high-end products, with a gross margin increase of 4.16 percentage points to 48.09% [3] - The company is expected to continue benefiting from the growth of its U8 product line and ongoing operational improvements, with projected EPS for 2025-2027 at 0.51, 0.62, and 0.75 yuan respectively [9] Summary by Sections Financial Performance - In 2024, total revenue and net profit were 14.67 billion and 1.06 billion yuan, with respective year-on-year growth of 3% and 64% [2] - The Q4 performance showed a revenue of 1.82 billion yuan and a net profit of -0.23 billion yuan, with a gross margin of 10% [2] - Operating cash flow and sales collection improved significantly, with operating cash flow reaching 2.55 billion yuan, up 81% year-on-year [2] Cost Optimization - The beer segment generated 13.23 billion yuan in revenue, with a slight increase of 1.01% year-on-year, and mid-to-high-end products accounted for 67.01% of beer revenue [3] - The gross margin for mid-to-high-end products improved to 48.09%, while the gross margin for regular products increased to 31.49% [3] Channel and Regional Performance - Revenue from traditional, KA, and e-commerce channels was 13.93 billion, 0.49 billion, and 0.26 billion yuan respectively, with e-commerce channel gross margin increasing to 28.35% [8] - Regional revenue showed growth in North and East China, with North China revenue at 7.83 billion yuan, up 5.39% year-on-year [8] Profit Forecast - The company is projected to maintain high profit growth, with net profit expected to reach 2.12 billion yuan by 2027, reflecting a growth rate of 21.5% [11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 15.60 [7][8]. Core Views - The company demonstrated strong performance in 2024, with revenue and net profit reaching RMB 14.67 billion and RMB 1.06 billion, respectively, representing year-on-year growth of 3.2% and 63.7% [1][4]. - The company aims for a revenue growth of 9% in 2025, an increase from the previous target of 8% for 2024, indicating strong confidence in future performance [1][4]. - The U8 product line continues to drive growth, with sales volume increasing by 31.4% year-on-year, contributing significantly to the company's revenue [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 40.7%, up 3.1 percentage points year-on-year, aided by lower raw material costs and structural upgrades [3]. - The net profit margin for 2024 was 7.2%, an increase of 2.7 percentage points year-on-year, reflecting improved profitability [3]. Sales and Market Dynamics - The company's beer sales volume reached 400.4 million tons in 2024, with a slight increase of 1.6% year-on-year, while the average price per ton decreased by 0.6% [2]. - The revenue from mid-to-high-end products increased by 2.2% year-on-year, while revenue from regular products decreased by 1.2% [2]. Future Outlook - The report projects a compound annual growth rate (CAGR) of 42% for net profit from 2024 to 2026, significantly higher than the average of comparable companies at 9% [4][12]. - The company is expected to continue benefiting from structural upgrades and cost efficiencies, with a focus on the U8 product line to enhance profitability [4].

NO.1 燕京啤酒2024年营收净利"双增" 每经记者 谢振宇 每经编辑 赵云 丨2025年4月23日 星期三丨 NO.3 岩石股份去年营收2.85亿元，净利润亏损超2亿元 4月21日，燕京啤酒交出了2024年"答卷"。财报显示，2024年，公司实现啤酒销量400.44万千升，同比 增长1.57%；全年实现营收约146.67亿元，同比增长3.2%；归属于上市公司股东的净利润约10.56亿元， 同比增长63.74%。燕京啤酒经营业绩不断增长的背后，离不开旗下产品燕京U8的"助力"。2024年燕京 U8销量69.6万千升，同比增长31.4%。 4月21日，岩石股份发布的2024年年报显示，公司当年实现营业收入约为2.85亿元，净利润约为亏损2.17 亿元。审计机构中兴财光华会计师事务所（特殊普通合伙）对岩石股份2024年度财务报表进行了审计， 并出具了保留意见审计报告。岩石股份股票于4月23日起被实施退市风险警示，股票简称将变更为"*ST 岩石"。 点评：燕京啤酒交出了一份亮眼的财报，展现了公司在激烈市场竞争中的稳健表现和增长潜力。尽管燕 京啤酒在2024年面临市场竞争加剧和增速放缓的挑战，但公司通过产品结构优化 ...

Core Viewpoint - The company reported a revenue of 14.67 billion yuan for 2024, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 1.06 billion yuan, up 63.7% year-on-year, indicating strong financial performance and growth potential in the beverage sector [1] Revenue Performance - The beer business generated a revenue of 13.23 billion yuan in 2024, a year-on-year increase of 1.0%, with sales volume up 1.6% and unit price down 0.6% [1] - The high-end product U8 saw a significant increase in sales volume, up 31.4% to 696,000 tons, and is expected to maintain a growth rate of over 30% in Q1 2025 [1] - Other business segments, particularly tea beverages, experienced rapid growth, contributing to a total revenue of 1.44 billion yuan, a year-on-year increase of 28.9% [1] Cost and Expense Management - The company benefited from a reduction in raw material costs, leading to a gross margin increase of 3.1 percentage points to 40.7% for the year [2] - The beer business's gross margin improved by 3.7 percentage points to 42.6%, while other business segments also saw a slight increase in gross margin [2] - Management and R&D expenses decreased by 3.1% and 5.4% respectively, while sales expenses increased by only 0.8%, indicating effective cost control [2] Profitability and Tax Efficiency - The net profit from non-core subsidiaries increased significantly, contributing to a net profit of 450 million yuan, up from 160 million yuan in the previous year [3] - The effective tax rate decreased by 2.0 percentage points to 15.8%, and the share of minority interests in profits fell by 4.3 percentage points to 20.3% [3] - The company reduced its workforce by 6.7% while increasing average employee compensation by 15.0% to 142,000 yuan per person per year, enhancing employee morale [3] Future Outlook - The company plans to expand its product matrix with new offerings, including U8+ flavored products and a new soda line, aiming to establish a dual-driven strategy of "beer + beverages" [4] - Revenue projections for 2024-2026 are 15.51 billion, 16.19 billion, and 16.72 billion yuan respectively, with corresponding net profits of 1.34 billion, 1.59 billion, and 1.77 billion yuan, indicating continued growth [4]

Core Viewpoint - Yanjing Beer achieved a revenue of 14.67 billion yuan in 2024, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 1.06 billion yuan, a year-on-year increase of 63.7% [1] Revenue and Sales Performance - In 2024, beer revenue was 13.23 billion yuan, up 1.0% year-on-year, with beer sales volume reaching 4 million kiloliters, an increase of 1.6% year-on-year; the average price per ton of beer was approximately 3,304 yuan per kiloliter, down 0.6% year-on-year [2] - Mid-to-high-end products generated revenue of 8.865 billion yuan, up 2.2% year-on-year, while ordinary products saw revenue of 4.365 billion yuan, down 1.2% year-on-year; U8 product sales reached 696,000 kiloliters, a significant increase of 31.4% year-on-year [2] - Revenue from traditional channels, KA channels, and e-commerce channels was 13.925 billion yuan, 486 million yuan, and 255 million yuan, respectively, with year-on-year changes of +3.4%, -1.7%, and +1.8% [2] - Revenue growth was notable in East China and North China, with increases of 9.8% and 5.4% year-on-year, while Northwest China experienced a decline of 12.52% [2] Profitability and Cost Management - The gross profit margin for 2024 was 40.7%, up 3.1 percentage points year-on-year, while the net profit margin reached 9.0%, an increase of 3.0 percentage points year-on-year [3] - The company improved its management efficiency, with a sales expense ratio of 10.8% and a management expense ratio of 10.7%, showing year-on-year changes of -0.3 and -0.7 percentage points, respectively [3] Shareholder Returns - The dividend payout ratio for 2024 was 50.7%, an increase of 7.0 percentage points year-on-year, with the total dividend amount growing by 90% [4] Strategic Initiatives and Future Outlook - The company is deepening reforms through nine major strategic changes, enhancing production management and cost efficiency, and improving profitability across its subsidiaries [5] - The company aims to continue its reform and major product strategy in 2025, which is the concluding year of its 14th Five-Year Plan, to lay a solid foundation for the 15th Five-Year Plan [5] - Profit forecasts for 2025-2027 are 1.406 billion yuan, 1.656 billion yuan, and 1.922 billion yuan, with corresponding EPS of 0.50, 0.59, and 0.68 yuan, indicating a positive growth outlook [5]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 14.667 billion yuan in 2024, 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 [1] - The company aims for a revenue target of 16 billion yuan in 2025, representing a year-on-year growth of 9.09% [1] - The U8 product line has shown significant growth, with sales volume reaching 696,000 kiloliters, a year-on-year increase of 31.40% [2] - The company is focusing on product structure optimization and channel upgrades, which are expected to enhance profitability [4] Financial Performance - In 2024, the company's gross margin was 40.72%, an increase of 3.09 percentage points year-on-year, primarily due to lower raw material costs and product structure upgrades [3] - The net profit margin increased by 2.66 percentage points to 7.20% in 2024 [3] - The company forecasts net profits for 2025-2027 to grow by 37.1%, 24.1%, and 21.4%, reaching 1.45 billion, 1.80 billion, and 2.18 billion yuan respectively [4] Sales and Market Strategy - The company achieved a beer sales volume of 4.0044 million kiloliters in 2024, with a focus on expanding the U8 brand nationally [2] - The revenue from mid-to-high-end products reached 8.865 billion yuan, accounting for 67.01% of total revenue, indicating a shift towards higher-margin products [2] - The company is implementing a strategy of digital empowerment and all-channel sales to enhance operational efficiency [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report emphasizes the strengthening of the big product and high-end logic, with continuous realization of reform effects [1] - The company achieved a total revenue of 14.67 billion yuan in 2024, representing a year-on-year growth of 3.20%, while the net profit attributable to shareholders reached 1.06 billion yuan, up 63.74% year-on-year [1] - The company continues to focus on the U8 flagship product and high-end strategy, with expectations for U8 sales to maintain high double-digit growth [1] Financial Performance Summary - Total revenue and net profit forecasts for 2025-2027 are adjusted to 14.79 billion, 18.42 billion, and 22.26 billion yuan respectively, with year-on-year growth rates of 40.06%, 24.59%, and 20.83% [1] - The company's gross margin increased by 3.09 percentage points to 40.72% in 2024, with a net profit margin of 9.03%, up 3.02 percentage points [1] - The report indicates that the company has successfully upgraded its product structure, with mid-to-high-end products accounting for a growing share of revenue [1] Sales and Market Strategy - The company achieved a total beer sales volume of approximately 400.44 million liters in 2024, with a year-on-year increase of 1.57% [1] - The U8 product line saw a significant sales increase of 31.40% year-on-year, indicating successful nationwide expansion [1] - The report highlights the company's strategic expansion and sales channel upgrades, contributing to its overall performance [1]