研报掘金丨海通国际：燕京啤酒量价齐升彰显经营韧性，维持“优于大市”评级

Core Viewpoint - Yanjing Beer reported better-than-expected performance, demonstrating operational resilience with both volume and price increases [1] Financial Performance - In H1 2025, the company's net profit attributable to shareholders reached 1.1 billion yuan, a year-on-year increase of 45.4% [1] - Q2 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 4.73 billion, 940 million, and 880 million yuan respectively, showing year-on-year growth of 6.1%, 43.0%, and 38.4% [1] Product Strategy - The company is on track to achieve its annual target of 900,000 tons for U8 [1] - The "Beer + Beverage" strategy is showing initial success, with Beisite soda becoming the first nationwide beverage blockbuster [1] - Revenue from tea beverages increased by 98.7% year-on-year [1] Market Expansion - The "Hundred Cities, Hundred Counties" initiative is deepening, accelerating breakthroughs in weaker markets [1] Efficiency and Management - There is significant room for optimization in capacity utilization and expense ratios through digital systems and an excellent management framework, indicating a clear path for improving profitability [1] Valuation - The company is given a 25x PE for 2025 (previously 27x), corresponding to a target price of 13.5 yuan (unchanged), maintaining an "outperform the market" rating [1]