Yanjing Brewery(SZ:000729) Soochow Securities·2025-04-12 12:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong performance in its major product line, U8, with continued growth momentum and successful implementation of reform strategies [7] - The company achieved a revenue of 14.67 billion yuan in 2024, representing a year-on-year growth of 3.2%, while the net profit attributable to the parent company reached 1.05 billion yuan, up 63.58% year-on-year [7] - The report anticipates that the company's net profit will continue to grow significantly in the coming years, with projections of 1.47 billion yuan in 2025 and 1.71 billion yuan in 2026, reflecting growth rates of 39.35% and 16.11% respectively [7] Financial Performance Summary - Total revenue for 2022 was 13.20 billion yuan, with a year-on-year growth of 10.38%, and net profit for the same year was 352.26 million yuan [1] - The company expects to achieve a total revenue of 14.67 billion yuan in 2024, with a net profit of 1.05 billion yuan, indicating a significant increase from previous years [1] - The earnings per share (EPS) for 2024 is projected to be 0.37 yuan, with a price-to-earnings (P/E) ratio of 35.30 based on the current price [1][8] Market Data Summary - The closing price of the company's stock is 12.84 yuan, with a market capitalization of approximately 36.19 billion yuan [5] - The company has a price-to-book (P/B) ratio of 2.44 and a net asset value per share of 5.27 yuan [6][5] - The company’s total assets are estimated at 22.35 billion yuan for 2024, with a debt-to-asset ratio of 36.18% [6][8]