Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [7] Core Views - Yanjing Beer 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 gross profit margin improved to 40.72%, an increase of 3.09 percentage points year-on-year, benefiting from lower raw material costs and product structure upgrades [3] - The company is optimistic about the U8 product line's performance and plans to enhance product structure and sales channels while focusing on high-end and youth-oriented strategies [4] Financial Summary - In 2024, the company reported a gross profit margin of 40.72%, with a net profit margin of 7.20%, reflecting an increase of 2.66 percentage points year-on-year [3] - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 37.1%, 24.1%, and 21.4%, reaching 1.45 billion, 1.80 billion, and 2.18 billion yuan respectively [4] - The company's operating revenue is projected to grow from 14.667 billion yuan in 2024 to 18.378 billion yuan in 2027, with corresponding growth rates of 9.1%, 7.8%, and 6.6% [6]

Investment Rating - The report maintains an "Accumulate" rating for Yanjing Beer (000729.SZ) with a current price of 12.66 CNY [1] Core Views - Yanjing Beer achieved a significant profit increase in 2024, with a net profit of 1.06 billion CNY, representing a year-on-year growth of 63.7% [4][6] - The company has improved its dividend payout ratio to 50.7%, an increase of 7.0 percentage points year-on-year, with a dividend amount growth of 90% [6] - The report highlights the strong performance of the U8 product line, which saw a sales increase of 31.4% year-on-year [5][7] Summary by Sections Financial Performance - In 2024, Yanjing Beer reported operating revenue of 14.67 billion CNY, a year-on-year increase of 3.2%, and a net profit of 1.06 billion CNY [4] - The beer revenue was 13.23 billion CNY, with a volume of 4 million kiloliters, reflecting a 1.0% increase in revenue and a 1.6% increase in volume [5] - The average price per ton of beer decreased by 0.6% to approximately 3,304 CNY per kiloliter [5] Cost and Efficiency - The gross margin for 2024 was 40.7%, up by 3.1 percentage points year-on-year, attributed to lower raw material costs and improved sales volume [6] - The company has focused on cost reduction and efficiency improvements, leading to a net profit margin of 9.0% for the year [6] Strategic Initiatives - Yanjing Beer is implementing nine major reform strategies to enhance production management and cost efficiency [7] - The company aims to continue its reform efforts and focus on its major product strategy to lay a solid foundation for future growth [7] Profit Forecast and Valuation - The report forecasts net profits of 1.41 billion CNY, 1.66 billion CNY, and 1.92 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.50 CNY, 0.59 CNY, and 0.68 CNY [7][9] - The projected P/E ratios for 2025, 2026, and 2027 are 25x, 22x, and 19x respectively, indicating a favorable valuation outlook [7][9]

Group 1 - The report from Guotai Haitong predicts a shift in the food and beverage competitive landscape, creating localized opportunities for growth. It maintains a positive outlook on sequential recovery, declining costs, and moderate competition for the year [1] - The sales performance has exceeded expectations, with stable movement in the market despite structural pressures. The report anticipates significant improvement in the output of industry leaders from late February to March, with Qingdao Beer expected to show a month-on-month improvement [2] - The competitive landscape is performing better than expected, with a high certainty of declining costs. The management strategy of China Resources Beer focuses on efficiency, and there has been no intensification of competition or price wars, leading to a favorable competitive environment [3] Group 2 - Brands are increasing their presence in new channels, which is expected to positively impact sales in the short term and enhance brand momentum in the medium term. This could potentially alter the competitive landscape in the long run [4] - Major beer companies are accelerating their expansion into beverage and non-beer sectors, with examples including Qingdao Beer Group's acquisition of Nestlé's Vitality and Chongqing Beer launching new flavored sodas [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company's revenue and net profit for 2024 are projected to be 14.67 billion and 1.06 billion RMB, respectively, reflecting a year-on-year growth of 3.20% and 63.74% [7] - The company continues to focus on its U8 flagship product and high-end strategy, expecting to maintain high double-digit growth in U8 sales [7] - The report indicates a significant improvement in profit margins due to product structure upgrades and cost reductions, with a gross margin increase of 3.09 percentage points to 40.72% [7] Financial Performance Summary - Total revenue for 2023 is reported at 14.21 billion RMB, with a projected increase to 14.67 billion RMB in 2024, representing a 7.66% year-on-year growth [1] - The net profit attributable to the parent company is expected to rise from 644.71 million RMB in 2023 to 1.06 billion RMB in 2024, marking an 83.02% increase [1] - The earnings per share (EPS) is forecasted to grow from 0.23 RMB in 2023 to 0.37 RMB in 2024 [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% [7] - The U8 product line saw a sales volume of 69.60 million liters, reflecting a robust growth of 31.40% year-on-year [7] - The report notes that the company has added 98 new distributors in domestic regions, enhancing its market presence [7] Cost and Efficiency Improvements - The report attributes the increase in profitability to several factors, including the upgrade of product structure, release of cost benefits, and internal reforms that improved operational efficiency [7] - The sales and management expense ratios have decreased, contributing to an overall improvement in the company's profitability metrics [7]

Investment Rating - The report maintains a "Recommendation" rating for Yanjing Beer (000729.SZ) [10][15] Core Views - Yanjing Beer achieved a revenue of 14.7 billion yuan in 2024, a year-on-year increase of 3.2%, and a net profit of 1.06 billion yuan, up 63.7% year-on-year, aligning with preliminary reports [5][10] - The company anticipates a net profit of 160 to 172 million yuan for Q1 2025, representing a growth of 56.0% to 67.7% year-on-year [5] - The U8 product line continues to show strong sales momentum, with a volume increase of 31.4% year-on-year, contributing to 17.4% of total sales [9][10] Summary by Sections Financial Performance - In 2024, Yanjing Beer reported a revenue of 14.67 billion yuan, with a net profit of 1.06 billion yuan, reflecting significant growth compared to the previous year [5][10] - The company’s gross margin improved to 40.7%, an increase of 3.1 percentage points year-on-year, driven by cost optimization [9][10] - The forecast for 2025 and 2026 indicates continued growth in net profit, with estimates of 1.46 billion yuan and 1.77 billion yuan respectively [10][12] Sales and Market Position - Yanjing Beer’s beer sales reached 4 million kiloliters in 2024, surpassing the industry average, which saw a slight decline of 0.6% [9] - The average selling price of beer remained stable at 3,304 yuan per kiloliter, with a slight decrease of 0.6% year-on-year [9] - The company’s product structure is improving, with mid-to-high-end products generating significant revenue [9] Regional Performance - Revenue growth varied by region, with North China showing a robust increase of 5.4%, while South China remained stable with a 0.3% increase [9] - Traditional sales channels generated 139.3 million yuan, reflecting a 3% increase, while e-commerce channels also saw growth [9] Future Outlook - The company plans to increase dividends to 540 million yuan, representing 51% of the net profit, indicating a commitment to shareholder returns [10] - The report anticipates continued growth in the U8 product line and improved profitability through cost control and efficiency enhancements [10]

Core Viewpoint - Yanjing Beer reported a growth in revenue and net profit for 2024, but the growth rates have slowed compared to previous years, indicating challenges in maintaining momentum in a competitive market [1][3][4]. Financial Performance - In 2024, Yanjing Beer achieved a revenue of approximately 14.667 billion yuan, representing a year-on-year growth of 3.2% [4][5]. - The net profit attributable to shareholders was about 1.056 billion yuan, showing a significant increase of 63.74% year-on-year [4][10]. - The growth rates for both revenue and net profit have declined compared to 2023, where revenue grew by 7.66% and net profit by 83.02% [4][5]. Sales Volume - The total beer sales volume for 2024 reached 4.0044 million kiloliters, with a modest year-on-year growth of 1.57% [1][6]. - This growth rate is a slowdown compared to previous years, where sales growth was over 4% in both 2022 and 2023 [5][6]. Product Performance - Yanjing U8, a key product, saw its sales volume reach 696,000 kiloliters in 2024, marking a year-on-year increase of 31.4% [1][9]. - However, the growth rate of Yanjing U8 has been declining, with previous years showing growth rates of over 50% in 2022 and over 36% in 2023 [9]. Market Position and Strategy - The company is facing intensified competition in the beer market, particularly in the high-end segment, which is becoming increasingly crowded [3][9]. - The revenue share from mid-to-high-end products has been increasing, reaching 67.01% in 2024, while the share from regular products has decreased to 32.99% [7][9]. - The gross margin for mid-to-high-end products was 48.09% in 2024, compared to 31.49% for regular products [7]. Dividend and Asset Management - Yanjing Beer announced a cash dividend plan, proposing to distribute approximately 536 million yuan, which accounts for 50.73% of the net profit for the year [10]. - The company plans to recognize asset impairment losses of approximately 74.1652 million yuan for the year, reflecting a proactive approach to asset management [10].

Investment Rating - The report maintains a "Strong Buy" rating for Yanjing Beer (000729) with a target price of 15.5 CNY, indicating an expected performance exceeding the benchmark index by over 20% in the next six months [1][7][27]. Core Insights - Yanjing Beer reported a revenue of 14.667 billion CNY for 2024, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 1.056 billion CNY, reflecting a significant year-on-year growth of 63.74% [1][3]. - The company plans to distribute a cash dividend of 1.9 CNY per 10 shares, totaling approximately 536 million CNY, which represents a 90% increase in dividends [1]. - The company’s U8 product line saw a remarkable sales increase of 31.4% in 2024, contributing to a structural upgrade with mid-to-high-end products accounting for 67.01% of revenue [7]. Financial Performance Summary - **2024 Financials**: - Total revenue: 14.667 billion CNY - Net profit: 1.056 billion CNY - Earnings per share (EPS): 0.37 CNY - Price-to-earnings (P/E) ratio: 34 [3][4]. - **Future Projections**: - Expected revenue growth for 2025 is projected at 5.3%, with net profit anticipated to reach 1.451 billion CNY, a growth of 37.4% [3][4]. - The company aims for a revenue target of 9% growth for 2025, reflecting confidence in operational improvements and market expansion [7]. Market Dynamics - The report highlights that Yanjing Beer has successfully navigated a challenging market environment, with a 1.6% increase in overall sales volume to 4.004 million kiloliters in 2024, despite a slight decline in average price per ton [7]. - The company’s gross margin improved to 42.6%, up by 3.7 percentage points, driven by cost reductions and operational efficiencies [7]. Strategic Outlook - Yanjing Beer is entering a positive operational cycle, with ongoing reforms expected to enhance efficiency in procurement, production, and management, thereby accelerating performance [7]. - The report emphasizes the potential for further profit margin improvements, given the current net profit margin of 9% and the anticipated continuation of cost benefits [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-13 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、2024年度财务决算报告 （一）主要会计数据及财务指标变动情况 单位：万元 （二）财务状况、经营成果及现金流量 1、财务状况 1.1、资产结构及变动情况 单位：万元 2024年末，公司资产2,314,709万元，较期初增加9.03%，其中，流动资产1,190,545万元，占资产总额的 51.43%，非流动资产1,124,164万元，占比48.57%。主要项目的变动情况说明如下： 1、货币资金745,413万元，较去年同期增加24,243万元，增幅3.36%。 2、应收票据73万元，较去年同期减少102万元，降幅58.41%，主要是应收票据减少所致。 北京燕京啤酒股份有限公司（以下简称"本公司"）2024年度财务会计报表，经中兴华会计师事务所（特 殊普通合伙）审计鉴证，出具了标准无保留意见的审计报告。结合公司合并报表数据，我们编制了公司 2024年度财务决算报告，同时根据2025年公司计划编制 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-42 北京燕京啤酒股份有限公司 《会计师事务所选聘制度》修正案 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 根据《国有企业、上市公司选聘会计师事务所管理办法》、《上市公司章程指 引》、《深圳证券交易所股票上市规则》等相关的法律法规要求，结合公司实际情 况，公司决定对《会计师事务所选聘制度》部分条款进行修订，此议案须提交公 司股东会审议通过后方可实施。本次《会计师事务所选聘制度》修正案和《会计 师事务所选聘制度》（修订预案，待股东大会审批）于 2025 年 4 月 22 日刊登在 巨潮资讯（http://www.cninfo.com.cn）。 修订情况对照表 | 修订前 | 修订后 | | --- | --- | | 全文"股东大会" | 全文"股东大会"修改为"股东会" | | 第一条 为规范北京燕京啤酒股份有限 | 第一条 为规范北京燕京啤酒股份有限公司 | | 公司（以下简称"公司"）选聘（含续聘、 | （以下简称"公司"）选聘（含 | | 改聘）会计师事务所的行为，切实维护 | 续聘、改 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 根据《中华人民共和国公司法》《上市公司治理准则》《公司章程》等法 律法规和制度规定，第八届董事会薪酬与考核委员会第九次会议审议了《关于 对董事、高级管理人员2024年度薪酬确认的议案》《关于2025年度董事、高级 管理人员薪酬方案的议案》，并提交董事会审议。公司于2025年4月18日召开第 八届董事会第三十二次会议审议了《关于对董事、高级管理人员2024年度薪酬 确认的议案》《关于2025年度董事、高级管理人员薪酬方案的议案》，同日召 开第八届监事会第二十四次会议，审议了《关于对监事2024年度薪酬确认的议 案》《关于2025年度监事薪酬方案的议案》，全体董事、监事回避表决，直接 提交公司股东会审议。具体内容公告如下： 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-18 北京燕京啤酒股份有限公司 关于董监高 2024 年度薪酬确认及 2025 年度薪酬方案的公告 一、2024年度薪酬确认情况 （一）董事、高级管理人员2024年度薪酬 经核算，公司2024年度董事、高级管理人员税前薪酬情况如下： ...