研报掘金丨国盛证券：维持燕京啤酒“买入”评级，25年业绩亮眼，26年持续突破

Core Viewpoint - Yanjing Beer has demonstrated impressive performance over the past 25 years, with expectations for continued breakthroughs in 2026, driven by strong growth in major products and steady profit margin improvements [1] Revenue Summary - The company's major product U8 series has a well-established matrix and is experiencing rapid growth [1] - The implementation of a "beer + beverage" marketing strategy is expected to generate new revenue sources, with products like Beisite soda and natto contributing to this growth [1] Profit Summary - The acceleration of premiumization, combined with advancements in production, market strategies, and supply chain reforms, is anticipated to further enhance profit elasticity [1] - The company forecasts net profit attributable to shareholders to grow by 60.6% in 2025, 18.3% in 2026, and 15.0% in 2027, reaching 1.7 billion, 2.01 billion, and 2.31 billion yuan respectively [1]