量价齐升的燕京啤酒，还能吃多久U8红利？

Core Viewpoint - Yanjing Beer (000729.SZ) has emerged as the fastest-growing player in the beer industry despite the overall market reaching its peak, with a 2% year-on-year increase in sales volume and a 4.75% rise in price per ton, leading to a revenue of 8.558 billion yuan and a net profit of 1.103 billion yuan, surpassing the expected full-year profit for 2024 [1][3]. Group 1: Sales and Revenue Growth - In the first half of the year, Yanjing Beer sold 2.352 million kiloliters, with revenue driven by the increased share of high-end product Yanjing U8, which accounted for 70.11% of main business revenue [1][3]. - Revenue from mid-to-high-end products, represented by Yanjing U8, reached 5.536 billion yuan, a year-on-year increase of 9.32% [1][3]. Group 2: Cost Reduction and Efficiency - The increase in high-margin products not only enhances profitability but also helps dilute consumption tax through higher ton prices [2]. - Yanjing Beer has implemented an "Excellence Management System" across subsidiaries and factories to optimize personnel and reduce depreciation costs, resulting in a 30% reduction in total employees from 27,984 to 19,965 between 2020 and 2024, while revenue per employee increased from 390,000 yuan to 730,000 yuan [2]. Group 3: Profitability and Market Position - Over four years, the company's revenue grew by 34%, and net profit increased by 4.4 times, although the profit margin of 9% still lags behind competitors like China Resources Beer and Tsingtao Brewery, which have profit margins of 12% [3][4]. - The company aims to achieve a sales target of 1 million kiloliters for the U8 product by 2025, requiring an annual growth rate exceeding 40%, although the first quarter of 2025 only maintained a growth rate above 30% [6][7]. Group 4: Product Diversification and Market Strategy - Yanjing Beer is betting on cross-industry growth through channel reuse, having launched Beiste soft drinks in March as part of a "beer + beverage" dual-drive strategy, leveraging existing beer distribution networks to target dining scenarios like hot pot and barbecue [9][10]. - The low-price strategy for Beiste soft drinks, with a supply price lower than competitors, aims to enhance market penetration, although beverage revenue currently accounts for less than 1% of total income [11][13].