Yanjing Brewery(SZ:000729) Southwest Securities·2024-10-29 02:32Investment Rating - The report maintains a "Buy" rating for Yanjing Beer (000729) [1] Core Views - The company reported a revenue of 12.85 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 1.29 billion yuan, up 34.7% year-on-year [1] - In Q3 2024, the company achieved a revenue of 4.8 billion yuan, a slight increase of 0.2% year-on-year, with a net profit of 530 million yuan, reflecting a year-on-year growth of 19.8% [1] - The company's sales volume for the first three quarters reached 3.45 million tons, a 0.5% increase year-on-year, outperforming the industry average [1][2] Summary by Sections Financial Performance - The gross margin for Q3 2024 was 45.1%, an increase of 1.1 percentage points year-on-year, while the net profit margin improved to 11.8% for the first three quarters [2] - The company maintained a stable ton price of 3726 yuan/ton in Q3 2024, with a slight year-on-year increase of 3% [1][2] Strategic Initiatives - The company is committed to the U8 product strategy nationwide, aiming to capture market share in weaker markets and enhance product structure [3] - Marketing innovations are being implemented to achieve brand rejuvenation and increase brand influence [3] - Ongoing management reforms are expected to enhance operational efficiency and drive future performance [3] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 0.34 yuan, 0.43 yuan, and 0.50 yuan respectively, with corresponding dynamic PE ratios of 31x, 24x, and 21x [3]