Yanjing Brewery(SZ:000729) Changjiang Securities·2025-04-18 09:11Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 14.67 billion yuan, a net profit attributable to shareholders of 1.06 billion yuan, and a net profit excluding non-recurring items of 1.04 billion yuan for 2024, representing year-on-year increases of 3.2%, 63.7%, and 108% respectively [2][6]. - For Q4 2024, the company recorded a revenue of 1.82 billion yuan, with a net profit attributable to shareholders of -0.23 billion yuan, indicating a year-on-year revenue increase of 1.3% and a reduction in losses [2][6]. - The forecast for Q1 2025 estimates a net profit attributable to shareholders between 160 to 172 million yuan, reflecting a year-on-year growth of 56% to 67.7% [2][6]. Summary by Sections Revenue and Profitability - In 2024, the company achieved a total revenue of 14.67 billion yuan, with a net profit of 1.06 billion yuan and a net profit excluding non-recurring items of 1.04 billion yuan, marking significant growth compared to the previous year [2][6]. - The company’s net profit margin for 2024 was 7.2%, an increase of 2.7 percentage points from 2023 [11]. Sales Volume and Pricing - The total sales volume for 2024 was 4 million hectoliters, a year-on-year increase of 1.6%, with the U8 product line achieving a sales volume of 696,000 hectoliters, up 31.4% [11]. - The average price per ton for 2024 increased by 1.6% year-on-year, although it saw a decline of 7% in Q4 due to disruptions in non-alcoholic business [11]. Future Outlook - The company is expected to continue its high-quality development, with projected earnings per share (EPS) of 0.50 yuan for 2025 and 0.57 yuan for 2026, corresponding to price-to-earnings (PE) ratios of 25X and 22X respectively [11]. - The company anticipates maintaining a growth rate of over 30% for the U8 product line in Q1 2025, which will contribute to ongoing improvements in both volume and pricing [11].