燕京啤酒：第三季度收入同比增长0.2%，盈利能力延续改善

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6][8] Core Views - The company reported a total revenue of 12.846 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 3.47%. The net profit attributable to shareholders reached 1.288 billion yuan, up 34.73% year-on-year [1][5] - In Q3 2024, the company achieved a revenue of 4.800 billion yuan, a slight increase of 0.19% year-on-year, while the net profit attributable to shareholders was 530 million yuan, reflecting a year-on-year growth of 19.84% [1][5] - The company continues to improve its profitability, with a net profit margin increasing to 11.0% in Q3 2024, up 1.8 percentage points year-on-year [1][5] Financial Performance Summary - For 2024, the company is expected to achieve total revenue of 14.869 billion yuan, with a year-on-year growth of 4.6%. The net profit attributable to shareholders is projected to be 1.006 billion yuan, representing a significant increase of 56.1% [2][6] - The earnings per share (EPS) for 2024 is estimated at 0.36 yuan, with corresponding price-to-earnings (PE) ratios of 29, 23, and 19 for the years 2024, 2025, and 2026 respectively [2][6][8] - The company has been implementing reforms that are expected to continue to release benefits, with a focus on cost reduction and efficiency improvement [1][5][6]