Yanjing Brewery(SZ:000729) China Post Securities·2025-07-08 04:37Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][11]. Core Insights - The company's net profit attributable to shareholders exceeded expectations, with a projected growth of 40%-50% year-on-year for the first half of 2025, reaching between 10.62 billion to 11.37 billion yuan [3][4]. - The second quarter of 2025 saw a net profit of 8.96 billion to 9.72 billion yuan, reflecting a year-on-year increase of 37%-48% [3]. - The company is benefiting from operational reforms, with cost optimization achieved through digital procurement and management practices, leading to lower raw material prices and reduced energy and labor costs [4]. Financial Forecast and Investment Recommendations - Revenue projections for 2025-2027 are 155.73 billion, 164.27 billion, and 172.35 billion yuan, with year-on-year growth rates of 6.17%, 5.48%, and 4.92% respectively [5][7]. - The net profit attributable to shareholders is expected to be 14.84 billion, 17.95 billion, and 20.34 billion yuan for the same period, with growth rates of 40.61%, 20.93%, and 13.31% respectively [5][7]. - The earnings per share (EPS) are projected to be 0.53, 0.64, and 0.72 yuan, corresponding to price-to-earnings (P/E) ratios of 24, 20, and 18 times [5][7].