研报掘金丨东海证券：首予燕京啤酒“买入”评级，盈利弹性值得期待

Core Viewpoint - Donghai Securities report indicates that Yanjing Beer is experiencing strong growth momentum, overcoming low profitability challenges, with a clear development direction for the "14th Five-Year Plan" [1] Group 1: Growth Momentum - U8 maintains strong growth momentum, with a continuation of over 30% growth rate in Q1 2025 [1] - From January to May, U8's sales exceeded 400,000 tons, accounting for 23% of total sales, an increase of 5.5 percentage points compared to the end of 2024 [1] Group 2: Market Strategy - The company is solidly advancing market development, with significant performance from major products [1] - Further cost reduction and efficiency improvements are expected to enhance profitability elasticity [1] Group 3: Investment Rating - The report initiates coverage with a "Buy" rating for Yanjing Beer [1]