Yanjing Brewery(SZ:000729) Capital Securities·2024-08-28 03:13Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The company reported a revenue of 8.046 billion yuan for the first half of 2024, representing a year-on-year increase of 5.52%. The net profit attributable to shareholders was 758 million yuan, up 47.54% year-on-year [3] - The trend of product premiumization continues, with the U8 flagship product showing steady growth. In H1 2024, revenue from mid-to-high-end products was 5.064 billion yuan, up 10.61% year-on-year, while revenue from regular products was 2.324 billion yuan, down 6.41% year-on-year [3] - The company's gross margin improved to 43.36%, an increase of 1.81 percentage points year-on-year, driven by a higher proportion of high-margin mid-to-high-end products and continued raw material cost benefits [3] - The company is advancing its flagship product strategy and optimizing its product structure and pricing system, which is expected to further enhance profit elasticity in the future [3] - The profit forecast for the company has been adjusted, with net profits expected to be 970 million yuan, 1.27 billion yuan, and 1.54 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 50%, 31%, and 21% [3][4] Financial Summary - For H1 2024, the company achieved a revenue of 8.046 billion yuan and a net profit of 758 million yuan, with a net profit margin of 9.42%, an increase of 2.68 percentage points year-on-year [3] - The company's total assets are projected to grow from 212.31 billion yuan in 2023 to 249.47 billion yuan in 2026 [5] - The company's earnings per share (EPS) is expected to increase from 0.23 yuan in 2024 to 0.55 yuan in 2026 [4][5]