燕京啤酒：量价齐升，提质增效

Investment Rating - The report maintains an "Accumulate" rating for Yanjing Beer (000729.SZ) [2] Core Views - The company reported a revenue of 8.046 billion yuan for H1 2024, a year-on-year increase of 5.52%, and a net profit attributable to shareholders of 758 million yuan, up 47.54% year-on-year [2] - The growth in revenue and profit is attributed to the continued rise in both volume and price, with the U8 product leading the upgrade in product structure [3] - The company is expected to see significant growth in revenue and net profit over the next three years, with projected revenues of 15.17 billion yuan, 16.09 billion yuan, and 17.01 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 6.8%, 6.0%, and 5.7% [3] Summary by Sections Financial Performance - In H1 2024, the beer business generated revenue of 7.388 billion yuan, a 4.63% increase year-on-year, with sales volume reaching 2.3049 million tons, a 0.63% increase year-on-year, and the price per ton of beer rising by 3.97% to 3,205 yuan [2] - The revenue from mid-to-high-end products reached 5.064 billion yuan, a 10.61% increase, while revenue from ordinary products decreased by 6.41% to 2.324 billion yuan [2] - The company’s gross margin improved to 43.4%, up 1.8 percentage points year-on-year, driven by a decrease in raw material and labor costs [3] Market and Product Strategy - The U8 product has significantly contributed to the increase in the proportion of mid-to-high-end products, which now account for 68.5% of total revenue, an increase of 3.7 percentage points year-on-year [2] - The company is expanding its market presence in emerging markets and high-end product segments, with increasing channel coverage and penetration [3] Future Outlook - The report projects net profits of 970 million yuan, 1.26 billion yuan, and 1.55 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 50.7%, 29.3%, and 23.1% [3] - The company is expected to continue benefiting from internal reforms and the rapid growth of the U8 product line, leading to further improvements in pricing and profitability [3]