燕京啤酒24Q2点评：量价齐升跑赢行业

Investment Rating - The investment rating for Yanjing Beer is "Buy" (maintained) [1] Core Views - Yanjing Beer has shown strong performance with both volume and price increases, outperforming the industry [1] - The company reported a revenue of 4.46 billion yuan in Q2 2024, representing an 8.8% year-on-year increase, and a net profit attributable to shareholders of 660 million yuan, with a non-attributable net profit of 640 million yuan, which is a 67.3% increase [1] - For the first half of 2024, the revenue reached 8.05 billion yuan, up 5.5% year-on-year, and the net profit attributable to shareholders was 760 million yuan, with a non-attributable net profit of 740 million yuan, reflecting a 69.1% increase [1] Revenue Analysis - The revenue growth is driven by the U8 product line, which is expected to see a volume increase of approximately 30% in 2024 [1] - In H1 2024, the revenue from mid-to-high-end products increased by 10.6%, contributing to a higher revenue share, while the revenue from ordinary products decreased by 6.4% [1] - Regional performance in H1 2024 showed varied results, with North China and South China seeing revenues of 340 million yuan (up 10.9%) and a decline in South China by 4.7%, respectively [1] Profitability Analysis - The gross margin in Q2 2024 increased by 2.7 percentage points to 48.3%, driven by the high-end product strategy [1] - The net profit margin increased by 3.7 percentage points to 14.7% in Q2 2024 [1] - The company is expected to achieve total revenue of 16.6 billion yuan from 2024 to 2026, with year-on-year growth rates of 5.8%, 5.4%, and 4.5% respectively [2][3]