燕京啤酒：践行变革，强势发展-20250606

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [4][7]. Core Viewpoints - Yanjing Beer is expected to continue its strong growth trajectory, particularly with its U8 product series, which has gained significant consumer recognition and is projected to maintain high growth rates in 2025 [1][4]. - The company is focusing on cost control and enhancing operational efficiency through a "multi-dimensional cost reduction and efficiency enhancement" model, leveraging supply chain collaboration and digital tools [2]. - Yanjing Beer plans to deepen its management system, strengthen market development, accelerate supply chain transformation, and push for digitalization as part of its strategic initiatives [3]. Financial Projections - The company anticipates a significant increase in net profit, with projections of 1.434 billion, 1.753 billion, and 2.054 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 35.9%, 22.2%, and 17.2% [4][6]. - Revenue is expected to grow from 14.213 billion yuan in 2023 to 15.653 billion yuan in 2025, with a compound annual growth rate of approximately 6.7% [6][4]. - The report highlights an improvement in profitability metrics, with the net profit margin projected to increase from 4.5% in 2023 to 11.8% in 2027 [6].