燕京啤酒(000729)：非重点子公司盈利能力提升明显 25全年展望积极

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]