Yanjing Brewery(SZ:000729) Tai Ping Yang·2024-10-29 02:16Investment Rating - The report assigns a rating of "Accumulate" to Yanjing Beer, with a target price of 12.00 CNY, compared to the last closing price of 10.50 CNY [1]. Core Views - Yanjing Beer reported a revenue of 12.846 billion CNY 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 CNY, up 34.73% year-on-year [1]. - The third quarter revenue was 4.800 billion CNY, showing a slight year-on-year increase of 0.19%, while the net profit attributable to shareholders was 530 million CNY, up 19.84% year-on-year [1]. - The company’s sales volume and price per ton for the first three quarters were 3.447 million tons and 3,726 CNY/ton, respectively, with year-on-year increases of 0.5% and 3.0% [1]. - The report highlights that Yanjing Beer’s sales growth outperformed the industry, with the U8 brand's national expansion progressing steadily, and anticipates continued double-digit growth in certain regions [1]. Financial Summary - For 2024, the projected revenue is 14.961 billion CNY, with a growth rate of 5.27%. The net profit is expected to be 897 million CNY, reflecting a growth rate of 39.09% [2]. - The diluted earnings per share (EPS) for 2024 is projected at 0.32 CNY, with a price-to-earnings (PE) ratio of 33.00 [2]. - The gross profit margin for the third quarter of 2024 reached 47.99%, a slight increase of 0.03 percentage points year-on-year [1]. Operational Efficiency - The report indicates that the company has established its first digital intelligent procurement platform, which has contributed to a decrease in the average procurement price of raw materials [1]. - The report also notes improvements in profitability, with the net profit margin for the first three quarters of 2024 at 11.79%, an increase of 2.5 percentage points year-on-year [1].