Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve revenue of 14.727 billion, 15.340 billion, and 15.951 billion yuan for 2024-2026, with year-on-year growth rates of 3.62%, 4.16%, and 3.98% respectively. The net profit attributable to the parent company is projected to be 0.927 billion, 1.096 billion, and 1.273 billion yuan, with growth rates of 43.80%, 18.24%, and 16.12% respectively, resulting in a three-year CAGR of 25.45% [2][6] - The company continues to benefit from the growth momentum of its flagship product U8 and has significant profit release potential through cost reduction and efficiency improvement [2][6] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 12.846 billion yuan, a year-on-year increase of 3.47%, and a net profit of 1.288 billion yuan, up 34.73% year-on-year. For Q3 2024, revenue was 4.800 billion yuan, with a slight increase of 0.19% year-on-year, and net profit was 0.530 billion yuan, up 19.84% year-on-year [6] - The company’s gross margin for Q3 2024 was 47.99%, reflecting a slight year-on-year increase, while the net profit margin improved to 11.04%, up 1.81 percentage points year-on-year [6] Sales and Cost Structure - The company sold 3.4473 million kiloliters in the first three quarters, with a ton price of 3,726.44 yuan, and a ton cost of 2,046.07 yuan, showing a year-on-year increase in sales volume and ton price [6] - The company is focusing on enhancing its product mix with mid-to-high-end products, which is expected to further drive sales growth and improve pricing power compared to peers [6] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected revenue and profit growth driven by the ongoing release of reform dividends and the continued success of its flagship product U8 [2][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of stock performance relative to the market benchmark over the next six months [5][12]. Core Views - The company has demonstrated stable volume and price performance, with operational efficiency steadily improving. For the first three quarters of 2024, the company achieved revenue of 12.846 billion yuan, a year-on-year increase of 3.47%, and a net profit attributable to shareholders of 1.288 billion yuan, up 34.73% year-on-year [2][3]. - The report highlights a slight adjustment in profit forecasts due to revenue growth being below expectations, with projected net profits for 2024-2026 revised to 0.852 billion, 1.053 billion, and 1.276 billion yuan respectively [5][6]. Financial Performance Summary - Revenue for Q3 2024 reached 4.8 billion yuan, a year-on-year increase of 0.19%, with a net profit of 530 million yuan, up 19.84% year-on-year [2][3]. - The company reported a gross margin of 47.99% in Q3 2023, an increase of 0.03 percentage points compared to the previous year, and a net profit margin improvement to 13.37% [4]. - The average selling price per ton of beer in Q3 2024 was 4,201.98 yuan, reflecting a slight increase of 0.06% year-on-year [3]. Cost and Efficiency - The cost per ton of beer in Q3 2023 was 2,185.27 yuan, showing a minor decrease of 0.01% year-on-year, attributed to effective cost control and operational efficiency improvements [3][4]. - The report notes that the company has implemented measures such as optimizing supply chain management and enhancing management practices to improve operational efficiency [3][4]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2024 is projected at 0.30 yuan, with corresponding price-to-earnings (P/E) ratios of 35, 28, and 23 for the years 2024, 2025, and 2026 respectively [5][6]. - The company’s revenue is expected to grow at a rate of 5% in 2024, with a gradual decline to 4% in subsequent years [6][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a total revenue of 12.846 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.47%, and a net profit attributable to shareholders of 1.288 billion yuan, up 34.73% year-on-year. The Q3 revenue was 4.8 billion yuan, with a slight increase of 0.19% year-on-year, and a net profit of 530 million yuan, growing by 19.84% year-on-year. The performance aligns with expectations [5] - The company is expected to maintain a net profit growth of 45%, 23%, and 20% for the years 2024 to 2026, with corresponding PE ratios of 32, 26, and 21 times. The company is strengthening its core product U8 and expanding its product matrix, which provides considerable growth potential amid the high-end trend in the beer industry [5] - The company is likely to achieve continuous stepwise development during the 14th Five-Year Plan period, supported by ongoing internal management improvements and capacity optimization [5] Summary by Sections Market Data - Closing price: 10.50 yuan - One-year high/low: 12.33/7.59 yuan - Market capitalization: 26.351 billion yuan [2] Financial Data - Net asset per share: 5.27 yuan - Asset-liability ratio: 36.18% - Total shares: 2,819 million, circulating A shares: 2,510 million [3] Sales and Profitability - Q3 beer sales volume was 3.4474 million tons, a year-on-year increase of 0.48%, with a Q3 average price of 4,201.98 yuan/ton, remaining flat year-on-year. The company aims to enhance channel coverage and control pricing for U8, which may improve future pricing potential [6] - The company achieved a gross margin of 47.99% in Q3, with a net profit margin of 11%, reflecting a year-on-year increase of 1.8 percentage points [6] Revenue and Profit Forecast - Projected total revenue for 2024 is 15.122 billion yuan, with a year-on-year growth rate of 6.4%. The net profit forecast for 2024 is 935 million yuan, with a growth rate of 45.1% [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 12.846 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.47%, and a net profit attributable to shareholders of 1.288 billion yuan, up 34.73% year-on-year [1] - The company is expected to benefit from a recovery in dining demand and the continued growth of its U8 flagship product, with projected revenues for 2024-2026 increasing by 6.6%, 6.4%, and 6.4% respectively [2] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 4.8 billion yuan, a year-on-year increase of 0.19%, and a net profit of 530 million yuan, up 19.84% year-on-year [1] - The company’s beer sales volume for the first three quarters of 2024 was 3.4473 million kiloliters, a year-on-year increase of 0.48% [1] - The average price per ton of beer in Q3 2024 was approximately 4,201.98 yuan, reflecting a year-on-year increase of about 0.06% [1] - The gross profit margin for Q3 2024 was 47.99%, a slight increase of 0.03 percentage points year-on-year [1] - The company’s net profit margin for Q3 2024 increased by 1.8 percentage points year-on-year to 11.04% [1] Earnings Forecast - The company forecasts revenues of 15.152 billion yuan in 2024, with a year-on-year growth rate of 6.6%, and net profits of 953 million yuan, reflecting a year-on-year increase of 47.8% [3][2] - For 2025 and 2026, revenues are projected to be 16.128 billion yuan and 17.157 billion yuan, with net profits of 1.293 billion yuan and 1.609 billion yuan respectively [3][2]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.26 ——2024 年三季报点评 毛销差提升明显，提质增效持续 燕京啤酒(000729) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|--------------------|-------|-------|-------|-------|-------|-------| | | [table_Authors] 訾猛 ( 分析师 ) | 陈力宇 ( 分析师 ) | | | | | | | | | | | | | | | | | | | 021-38676442 | 021-38677618 | | | | | | | | | zimeng@gtjas.com | chenli ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company has shown resilience with sales outperforming the market, and profits are steadily improving. The revenue for the first three quarters of 2024 reached 12.88 billion yuan, a year-on-year increase of 34.73% [3]. - The U8 product line continues to perform well, contributing to the company's growth strategy. The company is also benefiting from a high proportion of non-current channel sales, which mitigates the impact of weak demand in on-premise consumption scenarios [3][4]. - Cost management has improved, leading to better gross profit margins. The gross margin for Q3 2024 was 47.99%, with a slight year-on-year increase [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 12.88 billion yuan, with a year-on-year growth of 3.47%. The net profit attributable to shareholders was 12.61 billion yuan, up 34.73% year-on-year [3]. - In Q3 2024, the company reported revenue of 5.30 billion yuan, a year-on-year increase of 19.84%, and a net profit of 5.20 billion yuan, reflecting a growth of 21.68% [3]. - The company expects revenue growth of 6.7%, 5.8%, and 5.4% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow by 63.7%, 34.3%, and 25.4% in the same period [4][5]. Future Outlook - The company is optimistic about its profit margin elasticity due to ongoing reforms and the successful rollout of the U8 product line. The national expansion strategy for U8 is expected to continue driving growth [4]. - The company plans to enhance operational efficiency and optimize its supply chain, which is anticipated to further improve profit margins [4].

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北京燕京啤酒股份有限公司董事会提名委员会 关于聘任公司总法律顾问的审核意见 经审核，徐月香女士符合相关法律、行政法规和《公司章程》对上市公司高级 管理人员任职资格的要求，未发现有《公司法》和《公司章程》中规定不能担任上 市公司高级管理人员的情形，以及被中国证监会确定为市场禁入者并且禁入尚未解 除的情况，也未曾受到过中国证券监督管理委员会和深圳证券交易所的任何处罚和 惩戒，其任职资格符合担任上市公司高级管理人员的条件。我们充分了解了徐月香 女士的教育背景、工作经历和身体状况，我们认为徐月香女士具备公司总法律顾问 任职要求的专业知识和工作经验，能够胜任所聘岗位职责的要求，有利于公司的发 展，未损害上市公司股东特别是中小股东的权益。我们同意聘任徐月香女士为公司 总法律顾问，我们一致同意将上述事项提交董事会审议。 北京燕京啤酒股份有限公司 董事会提名委员会 二○二四年十月二十五日 根据《中华人民共和国公司法》（以下简称"公司法"）《上市公司独立董事 管理办法》《深圳证券交易所上市公司自律监管指引第1号——规范运作》等法律法 规、监管规定和北京燕京啤酒股份有限公司（以下简称"公司"）《公司章程》《董 事会提名委员会工作 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2024-52 北京燕京啤酒股份有限公司 第八届董事会第三十次会议决议公告 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、董事会会议召开情况 北京燕京啤酒股份有限公司（以下简称"本公司"、"公司"）第八届董 事会第三十次会议通知于2024年10月15日以传真、电子邮件等方式送达全体董 事，会议于2024年10月25日以通讯表决形式召开。会议应参加董事6人，实际参 加董事6人，分别为：耿超、谢广军、刘翔宇、郭晓川、周建、刘景伟。本次董 事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程 的规定。 二、董事会会议审议情况 1、审议并通过了公司《2024年第三季度报告》 表决结果：同意票6票，反对票0票，弃权票0票。本议案获得通过。 公司《2 02 4年第三季度报告》于2 0 24年1 0月2 6日刊登在巨潮资讯网 （http://www.cninfo.com.cn）。 2、审议并通过了《关于聘任公司总法律顾问的议案》 表决结果：同意票6票，反对票0票，弃权票0票。本议案获得通过。 根据总 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2024-54 二〇二四年十月二十五日 北京燕京啤酒股份有限公司 关于聘任公司总法律顾问的公告 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。 北京燕京啤酒股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日召 开第八届董事会第三十次会议，审议通过了《关于聘任公司总法律顾问的议案》， 为健全公司法治工作组织体系及总法律顾问履职保障机制,根据总经理提名，董 事会提名委员会审核，同意聘任公司副总经理兼董事会秘书徐月香女士担任公司 总法律顾问，任期与公司本届高级管理人员任期一致。 徐月香女士具备与其行使职权相适应的任职条件，其任职资格条件符合《公 司法》《深圳证券交易所股票上市规则》等有关法律、法规和规范性文件的规定。 特此公告。 北京燕京啤酒股份有限公司董事会 2 1 附件：徐月香女士简历 徐月香：女，1974 年 7 月出生，中共党员，研究生学历，高级内控管理师、 高级企业合规师、高级注册 ESG 分析师、经济师、仲裁员，于 2005 年取得董事 会秘书资格证书。历任本公司证券部副主任、主任、 ...