Yanjing Brewery(SZ:000729) Changjiang Securities·2025-05-02 09:11Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company reported total revenue of 3.827 billion yuan, representing a year-on-year increase of 6.69%. The net profit attributable to shareholders was 165 million yuan, up 61.1% year-on-year, while the net profit excluding non-recurring items was 153 million yuan, an increase of 49.11% year-on-year [2][4]. Summary by Sections Revenue and Profitability - The company's Q1 2025 sales volume reached 995,000 tons, with the flagship product, Yanjing U8, maintaining a growth rate of over 30%. The average price per ton increased year-on-year, contributing to the revenue growth [9]. - The company experienced a significant improvement in cost structure, with the cost per ton decreasing year-on-year. The gross margin increased by 5.6 percentage points to 42.8%, while the net profit margin rose by 1.46 percentage points to 4.32% [9]. Future Outlook - The company is expected to continue its high-quality development, implementing nine major reforms to enhance its governance system. The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected to be 0.51 yuan, 0.58 yuan, and 0.65 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25X, 22X, and 20X [9].