上 市 公 司 食品饮料 2024 年04月 24 日 燕京啤酒 (000729) 公 司 研 究 ——行业需求承压影响收入 改革红利继续兑现 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司披露2024年一季报，2024Q1公司实现营业收入35.87亿，同比增长1.72%，归母净利 润1.03亿，同比增长58.9%，扣非归母净利润1.03亿，同比增长81.72%。我们在业绩前瞻中预测 证 市场数据： 2024年04月24日 公司Q1利润同比增长30%，公司业绩高于我们预期。 券 收盘价（元） 9.62 研 一年内最高/最低（元） 13.43/7.59  投资评级与估值：维持盈利预测，预测2024~2026年归母净利润为9.35/11.5/13.8亿，分别同比增 究 市净率 1.9 报 息率（分红/股价） - 长45%/23%/20%，最新收盘价对应2024~2026年PE为29/23/20x。我们认为燕京啤酒不断强化 告 流通A股市值（百万元） 24142 U8 为核心的全国性大单品，并拓展区域大单品、特色单品的产品矩阵，在啤酒行业高端化的浪潮中 上证指数/深证成指 ...

华福证券 啤酒 2024年04月24日 公 司 燕京啤酒（000729.SZ） 买入（维持评级） 研 究 营收稳增，利润率提升逻辑逐步兑现 当前价格： 9.62元 目标价格： 12.7元 事件： 基本数据 燕京啤酒发布2024年一季度报告，公司24Q1实现营收35.87亿元，同比 总股本/流通股本(百万股) 2,818.54/2,509.56 增长1.72%，实现归母净利润1.03亿元，同比增长58.9%，实现扣非归母 流通A股市值(百万元) 24,141.97 净利润 1.03亿元，同比增长81.72%。 每股净资产(元) 4.91 资产负债率(%) 30.40 一年内最高/最低价(元) 13.75/7.59  盈利弹性增强，利润率预计将持续改善。 一年内股价相对走势 公 公司24Q1毛利率对比同期增长了0.4pct至37.18%，可能来源于 司 结构升级和改革增效下的盈利弹性增强。销售费用率对比同期下降了 财 0.56pct至11.93%，驱动公司毛销差对比同期增长了0.96pct至25.25%， 报 点 其 余 管 理 / 研 发 / 财 务 费 用 率 分 别 -0.21/-0.07/-0.23pc ...

公司研 究 证券研究报告 啤酒 2024年04月25日 燕 京啤酒（000729）2024年一季报点评 强 推 （维持） 目标价：18元 U8 势头强劲，扣非业绩亮眼 当前价：9.62元 事项： 华创证券研究所  公司发布 2024年一季报，2024年 Q1公司实现营业总收入 35.87亿元，同增 证券分析师：欧阳予 1.72%；实现归母净利润 1.03 亿元，同增 58.9%；实现扣非归母净利润 1.03 亿元，同增81.7%。 邮箱：ouyangyu@hcyjs.com 评论： 执业编号：S0360520070001 证券分析师：范子盼  收入同增低单或与高基数及货折有关，U8 放量持续推进。24Q1 燕京收入同 增 1.7%，量价拆分看，我们预计销量高基数下同比持平微增，吨价表现偏弱 邮箱：fanzipan@hcyjs.com 或与公司增加货折力度以促进产品全国化放量及部分库存消化有关。结合渠 执业编号：S0360520090001 道反馈，大单品U8预计同增约30%，势能保持强劲。 证券分析师：董广阳  子公司盈利继续改善，扣非业绩增长亮眼。24Q1 公司实现毛利率同增 电话：021-20572 ...

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[燕ITnaf 京bol]e 啤_Ti酒tle]( 000729) [评Tab级le_：Inv est] 增持 上次评级： 增持 弹性再显现，迈过高基数 目标价格： 12.30 上次预测： 12.30 公 ——2024年一季报点评 当前价格： 9.62 司 訾猛(分析师) 陈力宇(分析师) 2024.04.25 更 021-38676442 021-38677618 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com chenliyu@gtjas.com 证书编号 S0880513120002 S0880522090005 52周内股价区间（元） 7.78-13.59 报 总市值（百万元） 27,114 告 本报告导读： 总股本/流通A股（百万股） 2,819/2,510 公司改革带来的利润弹性持续凸显，结构升级、挖潜降本带来业绩提升空间仍较显著， 流通 B股/H股（百万股） 0/0 流通股比例 89% 旺季加速值得期待。 日均成交量（百万股） 24.31 投资要点： 日均成交值（百 ...

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 ...