燕京啤酒(000729)：U8保持高增 多元化发展见雏形

Core Insights - The company reported a total revenue of 8.558 billion yuan for H1 2025, representing a year-on-year increase of 6.37%, and a net profit attributable to shareholders of 1.103 billion yuan, up 45.45% year-on-year [1] - In Q2 2025, the company achieved a total revenue of 4.731 billion yuan, with a net profit of 938 million yuan, reflecting a year-on-year growth of 43% [1] Revenue and Profit Analysis - For H1 2025, the company's sales volume reached 2.352 million kiloliters, a 2% increase year-on-year, while Q2 sales volume was 1.36 million kiloliters, up 1.5% year-on-year [2] - The overall price per ton increased by 4.3% in H1 2025, with Q2 showing a 4.6% increase year-on-year [2] - Revenue from mid-to-high-end products grew by 9.3%, while ordinary products saw a 1.6% increase [2] - Regional revenue growth varied, with North China, East China, South China, Central China, and Northwest China showing year-on-year increases of 5.6%, 20.5%, 0.3%, 15.4%, and 3.8% respectively [2] Cost and Margin Improvement - In Q2 2025, the company's ton cost increased by 5.9%, leading to a slight decline in gross margin to 47.7% [2] - The company improved its expense ratio significantly, with a total expense ratio down by 5.6 percentage points to 15.5% [2] - The net profit margin for Q2 2025 increased by 5.1 percentage points to 19.8%, while the net profit margin excluding non-recurring items rose by 4.4 percentage points to 18.7% [2] Strategic Initiatives - The company is focusing on consumer-oriented strategies, product innovation, and upgrading marketing models, which have contributed to the growth of the U8 product line [3] - A new "beer + beverage" combination strategy is being implemented, diversifying the product matrix and expected to positively impact revenue and profit in 2025 [3] - EPS forecasts for 2025, 2026, and 2027 are projected at 0.55, 0.61, and 0.68 yuan, with corresponding PE ratios of 22X, 20X, and 18X, maintaining a "buy" rating [3]