Yanjing Brewery(000729) 国联证券·2025-01-16 08:30Investment Rating - The investment rating for the company is "Buy" [6][16]. Core Insights - The company has released its 2024 performance forecast, expecting a net profit attributable to shareholders of 1-1.1 billion yuan, representing a year-on-year growth of 55.11%-70.62%. The non-recurring net profit is projected to be 950-1,070 million yuan, with a year-on-year increase of 89.91%-113.90% [3][12][13]. - The company is focusing on its flagship product U8, enhancing its product structure and marketing strategies, which are expected to drive overall operational momentum upwards. The benefits from ongoing reforms are also anticipated to continue, with further cost reduction and efficiency improvement potential [3][14][15]. - The company is expected to achieve a net profit margin of approximately 7% in 2024, showing a year-on-year improvement. Compared to peers, there is still room for improvement in the company's net profit margin, primarily due to high management expense ratios [15][16]. Financial Projections - The company forecasts revenues of 15.101 billion yuan for 2024, with a growth rate of 6.25%. The net profit is expected to be 1.078 billion yuan, reflecting a growth rate of 67.26% [16][20]. - For the years 2025 and 2026, the projected revenues are 15.941 billion yuan and 16.740 billion yuan, with respective growth rates of 5.56% and 5.01%. The net profits for these years are expected to be 1.343 billion yuan and 1.601 billion yuan, with growth rates of 24.58% and 19.20% [16][20].