燕京啤酒：业绩超预期，改革强兑现

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer (000729.SZ) [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.0-1.1 billion yuan in 2024, representing a year-on-year growth of 55.11%-70.62% [1] - The company continues to implement the U8 flagship product strategy, focusing on product structure optimization and increasing the proportion of mid-to-high-end products [2] - The digital transformation and supply chain improvements are anticipated to enhance profitability, with net profits projected to grow significantly in the coming years [3] Financial Performance - For 2024, the expected revenue is 15.15 billion yuan, with a year-on-year growth rate of 6.6% [5] - The projected net profit for 2024 is 1.068 billion yuan, with a year-on-year growth rate of 65.7% [5] - The earnings per share (EPS) for 2024 is estimated to be 0.38 yuan [5] Strategic Initiatives - The company is focusing on enhancing its market development system and optimizing channel construction, particularly in the catering sector [2] - The ongoing digital transformation aims to drive management innovation and improve operational efficiency [3] - The company is committed to high-quality development, with a focus on sustainable supply chain practices [3]