Yanjing Brewery(SZ:000729)2024-07-14 00:31Investment Rating - The report maintains a "Buy" rating for Yanjing Beer (000729) [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 719 million to 797 million yuan in H1 2024, representing a year-on-year growth of 40% to 55% [5] - The report highlights the strong growth of the U8 flagship product and the effectiveness of internal reforms, indicating a promising growth trajectory for the company [5][6] Summary by Relevant Sections Market Data - Closing price: 9.53 yuan - Market capitalization: 23,916 million yuan - Price-to-book ratio: 1.9 [2] Financial Performance - H1 2024 net profit forecast: 719 million to 797 million yuan, with a growth rate of 40% to 55% year-on-year - Q2 2024 net profit forecast: 617 million to 694 million yuan, with a growth rate of 37% to 54% year-on-year - H1 2024 net profit excluding non-recurring items: 700 million to 775 million yuan, with a growth rate of 60% to 77% year-on-year [5][6] Revenue and Profit Forecast - Projected net profit for 2024-2026: 935 million, 1,150 million, and 1,381 million yuan, respectively, with year-on-year growth rates of 45%, 23%, and 20% [5][7] - Expected revenue for 2024: 15,122 million yuan, with a year-on-year growth rate of 6.4% [7] Product Strategy - The company is focusing on strengthening the U8 product as a core national flagship and expanding its product matrix with regional and specialty products [5] - Anticipated mid-single-digit growth in sales for H1 2024, with a projected increase in Q2 sales growth compared to Q1 [5][6] Cost Management - The report notes a decrease in raw material costs, particularly malt, contributing to improved profit margins [6]