燕京啤酒（000729）：开门红表现亮眼，改革持续兑现

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [6] Core Views - Yanjing Beer has shown strong performance in its 2024 annual results, with total revenue reaching 14.667 billion yuan, a year-on-year increase of 3.20%, and a net profit attributable to shareholders of 1.056 billion yuan, up 63.74% year-on-year [1] - The company's flagship product, U8, has continued to perform well, achieving a sales volume of 696,000 kiloliters in 2024, a significant increase of 31.40% year-on-year, contributing to a net profit margin of 7.20%, up 2.66 percentage points year-on-year [1][2] - The first quarter of 2025 is expected to see a net profit of 160-172 million yuan, representing a year-on-year growth of 55.96%-67.66% [1] Financial Performance - In 2024, Yanjing Beer achieved a total beer sales volume of 4.0044 million kiloliters, a year-on-year increase of 1.57% [1] - The company is projected to see net profits of 1.056 billion yuan in 2024, 1.480 billion yuan in 2025, and 1.915 billion yuan in 2026, with growth rates of 63.8%, 40.1%, and 29.4% respectively [3] - The earnings per share (EPS) are expected to increase from 0.37 yuan in 2024 to 0.68 yuan in 2026 [5] Strategic Initiatives - Yanjing Beer is focusing on digital transformation and supply chain improvements as part of its "14th Five-Year Plan," aiming to enhance production efficiency and profitability [2] - The company is implementing nine major reforms to drive high-quality development, including optimizing product structure and sales channels, and enhancing its high-end and youth-oriented strategies [3]