燕京啤酒：U8增势强劲，业绩超预期

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.0 to 1.1 billion yuan in 2024, representing a year-on-year growth of 55.11% to 70.62% [2][3] - The strong performance is driven by the robust growth of the U8 product line and internal efficiency improvements [3][4] - The company is positioned for medium to long-term growth due to ongoing reforms and market recovery [4] Financial Summary - Total revenue for 2024 is projected to be 147.48 billion yuan, with a year-on-year growth of 3.8% [5] - Net profit for 2024 is estimated at 1.052 billion yuan, reflecting a year-on-year increase of 63.2% [5] - The gross profit margin is expected to improve to 39.4% in 2024 [5] - Earnings per share (EPS) for 2024 is projected at 0.37 yuan, with a price-to-earnings (PE) ratio of 30.0 [5]