Yanjing Brewery(000729) 华泰证券·2025-04-23 01:25Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 15.60 [7][8]. Core Views - The company demonstrated strong performance in 2024, with revenue and net profit reaching RMB 14.67 billion and RMB 1.06 billion, respectively, representing year-on-year growth of 3.2% and 63.7% [1][4]. - The company aims for a revenue growth of 9% in 2025, an increase from the previous target of 8% for 2024, indicating strong confidence in future performance [1][4]. - The U8 product line continues to drive growth, with sales volume increasing by 31.4% year-on-year, contributing significantly to the company's revenue [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 40.7%, up 3.1 percentage points year-on-year, aided by lower raw material costs and structural upgrades [3]. - The net profit margin for 2024 was 7.2%, an increase of 2.7 percentage points year-on-year, reflecting improved profitability [3]. Sales and Market Dynamics - The company's beer sales volume reached 400.4 million tons in 2024, with a slight increase of 1.6% year-on-year, while the average price per ton decreased by 0.6% [2]. - The revenue from mid-to-high-end products increased by 2.2% year-on-year, while revenue from regular products decreased by 1.2% [2]. Future Outlook - The report projects a compound annual growth rate (CAGR) of 42% for net profit from 2024 to 2026, significantly higher than the average of comparable companies at 9% [4][12]. - The company is expected to continue benefiting from structural upgrades and cost efficiencies, with a focus on the U8 product line to enhance profitability [4].