Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The company reported a revenue of 8.046 billion yuan for the first half of 2024, representing a year-on-year increase of 5.52%. The net profit attributable to shareholders was 758 million yuan, up 47.54% year-on-year [3] - The trend of product premiumization continues, with the U8 flagship product showing steady growth. In H1 2024, revenue from mid-to-high-end products was 5.064 billion yuan, up 10.61% year-on-year, while revenue from regular products was 2.324 billion yuan, down 6.41% year-on-year [3] - The company's gross margin improved to 43.36%, an increase of 1.81 percentage points year-on-year, driven by a higher proportion of high-margin mid-to-high-end products and continued raw material cost benefits [3] - The company is advancing its flagship product strategy and optimizing its product structure and pricing system, which is expected to further enhance profit elasticity in the future [3] - The profit forecast for the company has been adjusted, with net profits expected to be 970 million yuan, 1.27 billion yuan, and 1.54 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 50%, 31%, and 21% [3][4] Financial Summary - For H1 2024, the company achieved a revenue of 8.046 billion yuan and a net profit of 758 million yuan, with a net profit margin of 9.42%, an increase of 2.68 percentage points year-on-year [3] - The company's total assets are projected to grow from 212.31 billion yuan in 2023 to 249.47 billion yuan in 2026 [5] - The company's earnings per share (EPS) is expected to increase from 0.23 yuan in 2024 to 0.55 yuan in 2026 [4][5]

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 燕京啤酒（000729）公司半年报点评 2024 年 08 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |-------------------------------------------------|-------------| | 08[Table_StockInfo 月 22日收盘价（元）] | 9.53 | | 52 周股价波动（元） | 7.59-10.77 | | 总股本/流通 A 股（百万股） | 2819/2510 | | 总市值/流通市值（百万元） | 26861/23917 | | 相关研究 | | | [Table_ReportInfo] 《开门红兑现，旺季弹性可期》 | 2024.04.28 | | 《U8 高增驱动量价齐升，盈利改善持续兑现》 | | | 2024.04.18 | | | 《营收稳健增长，经营效率持续改善》 | | | 2023.10.27 | | | 市场表现 | | [Table_QuoteInfo] 燕京啤酒 海通综指 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.25 CNY per share [3][6]. Core Insights - The company reported a revenue of 8.05 billion CNY for the first half of 2024, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 760 million CNY, up 47.5%, with a net profit margin increase of 2.9 percentage points to 10.8% [1][2]. - The growth of the U8 product line is expected to be rapid, while the growth of the Liqueur brand is anticipated to slow down. In the first half of 2024, the mid-to-high-end beer segment generated 5.06 billion CNY in revenue, a year-on-year increase of 10.6%, while the ordinary beer segment saw a revenue of 2.32 billion CNY, down 6.4% [1][2]. - The gross profit margin increased to 43.4%, benefiting from structural upgrades and a decrease in raw material costs, particularly imported barley [1][2]. Financial Summary - The company forecasts earnings per share of 0.32 CNY, 0.42 CNY, and 0.50 CNY for 2024, 2025, and 2026 respectively, with a slight downward adjustment in revenue projections for 2024-2025 [2][6]. - The company's cash flow remains robust, and using the FCFF valuation method, the equity value is estimated at 37.3 billion CNY [6][8]. - The projected revenue for the company is expected to grow from 14.21 billion CNY in 2023 to 15.41 billion CNY in 2024, reflecting a year-on-year growth of 8.4% [5][12].

证券研究报告 | 首次覆盖报告 gszqdatemark 2024 08 22 年 月 日 燕京啤酒（000729.SZ） 二次创业，重振辉煌 燕京啤酒：民族产业，区域龙头。1980 年成立至今，公司是啤酒行业唯一 一家没有引入过外资的民族企业，可分为区域化发展、全国化起步、全国 化发展、经营承压调整和二次创业五个发展阶段，公司深耕北京、广西和 内蒙三大基地市场，现为我国第四大啤酒企业，在新管理层"二次创业， 复兴燕京"的改革背景下，公司高端化和降本增效进程将迎来高速发展。 啤酒行业：量稳价增，高端化下半场。量上，啤酒产量于 2013 年见顶， 2018 年后企稳，预计老龄化趋势下未来产量趋稳。价上，高端化进程过 半，仍有广阔升级空间，我们认为 6-10 元或为近年扩容空间最大的价格 带。渠道方面，啤酒渠道多元终端分散，企业终端掌控力强，未来即饮恢 复将提振高端表现。竞争格局方面，我们测算 2023 年行业 CR5 达 92%， 多数省份呈寡头割据格局，未来高端新品发力、渠道精耕或为破局之道。 品牌定位明晰，大单品领航。品牌上，2008 年起公司明确"1+3"即燕京 主品牌+惠泉、漓泉、雪鹿副品牌战略。产品上 ...

证券研究报告 非金融公司|公司点评|燕京啤酒（000729） 2024 年半年报点评： 高端化延续，改革红利持续释放 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 我们预计公司 2024-2026 年营业收入分别为 151.75/161.69/170.78 亿元，同比增速分别为 6.77%/6.55%/5.62% ， 归 母 净 利 润 分 别 为 9.67/12.72/15.71 亿 元 ， 同 比 增 速 分 别 为 50.03%/31.44%/23.56%，对应三年 CAGR 为 34.56%，对应 2024-2026 年 PE 估值分别为 28/21/17X。鉴于公司大单品 U8 增长势能仍在、降本增效下利润释放潜力仍高，维持"买入" 评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月22日 燕京啤酒(000729 ...

Investment Rating - The report maintains an "Accumulate" rating for Yanjing Beer (000729.SZ) [2] Core Views - The company reported a revenue of 8.046 billion yuan for H1 2024, a year-on-year increase of 5.52%, and a net profit attributable to shareholders of 758 million yuan, up 47.54% year-on-year [2] - The growth in revenue and profit is attributed to the continued rise in both volume and price, with the U8 product leading the upgrade in product structure [3] - The company is expected to see significant growth in revenue and net profit over the next three years, with projected revenues of 15.17 billion yuan, 16.09 billion yuan, and 17.01 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 6.8%, 6.0%, and 5.7% [3] Summary by Sections Financial Performance - In H1 2024, the beer business generated revenue of 7.388 billion yuan, a 4.63% increase year-on-year, with sales volume reaching 2.3049 million tons, a 0.63% increase year-on-year, and the price per ton of beer rising by 3.97% to 3,205 yuan [2] - The revenue from mid-to-high-end products reached 5.064 billion yuan, a 10.61% increase, while revenue from ordinary products decreased by 6.41% to 2.324 billion yuan [2] - The company’s gross margin improved to 43.4%, up 1.8 percentage points year-on-year, driven by a decrease in raw material and labor costs [3] Market and Product Strategy - The U8 product has significantly contributed to the increase in the proportion of mid-to-high-end products, which now account for 68.5% of total revenue, an increase of 3.7 percentage points year-on-year [2] - The company is expanding its market presence in emerging markets and high-end product segments, with increasing channel coverage and penetration [3] Future Outlook - The report projects net profits of 970 million yuan, 1.26 billion yuan, and 1.55 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 50.7%, 29.3%, and 23.1% [3] - The company is expected to continue benefiting from internal reforms and the rapid growth of the U8 product line, leading to further improvements in pricing and profitability [3]

2024 年 08 月 20 日 公司点评 买入/维持 燕京啤酒(000729) 目标价: 11.55 昨收盘:9.83 燕京啤酒：量价逆势齐升，改革红利持续兑现 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 燕京啤酒 沪深300 ◼ 股票数据 总股本/流通(亿股) 28.19/28.19 总市值/流通(亿元) 277.06/277.06 12 个月内最高/最低价 (元) 10.77/7.59 相关研究报告 <<改革提效成果显著，利润端实现高 弹性增长>>--2024-04-26 <>--2024-04-17 <<燕京啤酒：U8 势能强劲，业绩表现 亮眼>>--2022-09-03 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 研究助理：林叙希 电话： E-MAIL：linxx@tpyzq.com 一般证券业务登记编号：S1190124030019 事件：燕京啤酒发布 2024 半年报，2024H1 实现营收 80.46 亿元 ...

2024 年 8 月 21 日 公司研究 利润显著改善，U8 坚定迈向百万吨目标 ——燕京啤酒（000729.SZ）2024 年半年报点评 增持（维持） 当前价：9.75 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com 市场数据 | --- | --- | |---------------------|------------| | 总股本(亿股) | 28.19 | | 总市值(亿元)： | 274.81 | | 一年最低/最高(元)： | 7.51/10.66 | | 近 3 月换手率： | 45.01% | 股价相对走势 -27% -17% -8% 1% 10% 08/23 11/23 02/24 05/24 燕京啤酒 沪深300 收益表现 | --- | --- | --- ...

燕京啤酒（000729.SZ） 优于大市 全面改革成效显现，盈利能力明显改善 燕京啤酒公布 2024 年半年度业绩，2024 年上半年实现营业总收入 80.46 亿 元，同比+5.52%；实现归母净利润 7.58 亿元，同比+47.54%；实现扣非归母 净利润 7.41 亿元，同比+69.12%。第二季度实现营业总收入 44.59 亿元，同 比+8.79%；实现归母净利润 6.56 亿元，同比+45.91%；实现扣非归母净利润 6.38 亿元，同比+67.26%。实际利润落在业绩预告区间中值附近。 上半年啤酒业务量价齐升，U8 延续较快增长带动产品结构升级。上半年啤酒业 务收入 73.88 亿元，同比+4.6%。拆分量价来看，销量同比+0.6%，销量表现 优于行业整体，吨价同比+4.0%，主因以 U8 为代表的中高档产品销量较快增 长，不仅带来销量同比增长，更推动产品结构升级。上半年中高档产品/普 通产品收入分别同比+10.6%/-6.4%，中高档产品收入占比提升至 68.5%，同 比+3.7pct。 成本下行、降本增效举措推动费用节省，盈利能力大幅提升。上半年毛利率 43.36%，同比+1.8pct，主要系 ...

食品饮料 | 证券研究报告 — 业绩评论 2024 年 8 月 21 日 000729.SZ 买入 原评级：买入 市场价格:人民币 9.83 板块评级:强于大市 股价表现 (26%) (20%) (15%) (9%) (3%) 3% Aug-23Sep-23Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 燕京啤酒 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 13.6 0.8 (4.0) (6.9) 相对深圳成指 24.8 7.0 9.9 13.2 | --- | |-----------| | 2,818.54 | | 2,509.56 | | 27,706.24 | | 180.91 | | | | 57.4 | | | 以 2024 年 8 月 19 日收市价为标准 燕京啤酒 吨价增幅亮眼，降本增效成果持续显现 燕京啤酒披露 2024 年中报，1H24 实现营收 80.5 亿元，同比+5.5%，实现归母/扣非 归母净利润 7.6/7.4 亿元，分别同比+47.5%/+69.1%；其中 2Q24 实现营收 44 ...