Yanjing Brewery(000729) Huachuang Securities·2025-06-06 02:11Investment Rating - The report maintains a "Strong Buy" rating for Yanjing Beer, with a target price of 15.5 CNY [2][7]. Core Views - The company held an investor communication meeting on June 5, 2025, where management addressed strategic planning, product planning, and reform progress, providing guidance for investors [2]. - Yanjing Beer is focusing on the U8 product line, which has shown strong sales momentum, achieving over 400,000 tons in the first five months of 2025, representing a 45% completion of the annual target [7]. - The company is committed to optimizing its product structure and enhancing operational efficiency through digital systems and cost management reforms, which are expected to release profit elasticity [7]. - The management aims to catch up with leading companies in the industry during the 14th and 15th Five-Year Plans, emphasizing innovation and operational improvements [7]. Financial Summary - Total revenue is projected to grow from 14,667 million CNY in 2024 to 15,439 million CNY in 2025, reflecting a year-on-year growth rate of 5.3% [3]. - Net profit attributable to shareholders is expected to increase significantly from 1,056 million CNY in 2024 to 1,451 million CNY in 2025, with a growth rate of 37.4% [3]. - Earnings per share (EPS) is forecasted to rise from 0.37 CNY in 2024 to 0.51 CNY in 2025 [3]. Market Performance - The company has shown a strong performance compared to the CSI 300 index over the past 12 months, indicating a positive market sentiment towards Yanjing Beer [6].