燕京啤酒2024年三季报点评：运营不断优化，销量韧劲尽显

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 12.846 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 3.47%. The net profit attributable to the parent company was 1.288 billion yuan, up 34.73% year-on-year, while the net profit excluding non-recurring items was 1.261 billion yuan, an increase of 45.68% year-on-year [3][4]. - In Q3 alone, the company reported a revenue of 4.8 billion yuan, a slight increase of 0.19% year-on-year, and a net profit of 530 million yuan, up 19.84% year-on-year [3][4]. - The company’s sales volume for the first three quarters was 3.4473 million tons, a year-on-year increase of 0.48%, with Q3 sales volume at 1.14 million tons, up 0.13% year-on-year, indicating stability amid industry pressure [4]. - The company’s cost per ton has entered a downward trend, with Q3 costs showing a slight decrease, reflecting effective cost control measures [4]. - The company has been focusing on innovation and transformation since the 14th Five-Year Plan, successfully enhancing its product structure with the U8 premium product line, which is expected to continue driving profitability [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 12.846 billion yuan, with a net profit of 1.288 billion yuan, and a net profit excluding non-recurring items of 1.261 billion yuan [3][4]. - The company’s gross profit margin improved to 45.09%, and the net profit margin increased to 10.03% for the first three quarters of 2024 [4]. Cost Management - The company has successfully reduced its cost per ton, with Q3 showing a year-on-year improvement in net profit margin to 11.04% and a gross profit margin of 47.99% [4]. Future Outlook - The company is expected to achieve EPS of 0.35, 0.46, and 0.53 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 29X, 22X, and 19X, indicating a positive growth trajectory [5].