研报掘金丨平安证券：维持燕京啤酒“推荐”评级，盈利能力有望持续提升

Core Viewpoint - Yanjing Beer achieved a net profit attributable to shareholders of 1.77 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 37.4% [1] - The company’s core product U8 continues to show strong growth, driving product structure upgrades and enhancing profitability [1] Financial Performance - In Q3 2025, Yanjing Beer reported a net profit of 670 million yuan, up 26.0% year-on-year [1] - The forecast for net profit attributable to shareholders for 2025-2027 has been revised upwards to 1.58 billion, 1.86 billion, and 2.15 billion yuan respectively, from previous estimates of 1.47 billion, 1.77 billion, and 2.04 billion yuan [1] Market Strategy - The company is focusing on "omni-channel integration and regional deep cultivation" to solidify market growth [1] - Accelerated digital transformation is enhancing operational efficiency [1] Cost Management - Continuous realization of cost advantages is contributing to profit improvement [1] - The company is controlling expenses and reducing losses from subsidiaries, which is expected to further enhance profitability [1]