燕京啤酒（000729）：践行变革，强势发展

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [4][7]. Core Viewpoints - Yanjing Beer is focusing on the U8 series, which continues to show strong momentum and is expected to maintain high growth in 2025. The company has established a product matrix that includes high-end products like U8 and V10, as well as mid-range and regional specialty products [1][4]. - The company is implementing a comprehensive cost control strategy, leveraging supply chain collaboration and digital tools to optimize raw material procurement costs. Additionally, it aims to enhance operational efficiency through a talent management system [2][4]. - Yanjing Beer plans to deepen its management system, strengthen market development, accelerate supply chain transformation, and push for digitalization as part of its strategic goals for the 14th and 15th Five-Year Plans [3][4]. Financial Summary - The company forecasts a significant increase in net profit, with expected growth rates of 35.9% in 2025, 22.2% in 2026, and 17.2% in 2027, reaching net profits of 1.434 billion, 1.753 billion, and 2.054 billion yuan respectively [4][6]. - Revenue is projected to grow from 14.213 billion yuan in 2023 to 17.343 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.7% [6][11]. - The report highlights an improvement in profitability metrics, with the net profit margin expected to rise from 4.5% in 2023 to 11.8% in 2027 [11].