燕京啤酒（000729）：扣非归母净利润超预期，改革红利持续释放

Investment Rating - The report maintains an "Accumulate" rating for Yanjing Beer (000729.SZ) [1] Core Views - Yanjing Beer reported a significant increase in net profit, with a non-recurring net profit exceeding expectations, indicating ongoing benefits from reforms [4][7] - The company achieved a revenue of 8.56 billion yuan in H1 2025, a year-on-year increase of 6.4%, and a net profit of 1.1 billion yuan, up 45.4% year-on-year [4] - The report highlights the continuous upgrade of product structure and the growth of non-beer businesses, particularly in the beverage segment [5][7] Summary by Sections Financial Performance - In H1 2025, Yanjing Beer achieved a revenue of 8.56 billion yuan, with a net profit of 1.1 billion yuan, and a non-recurring net profit of 1.04 billion yuan, reflecting a year-on-year growth of 39.9% [4] - The second quarter of 2025 saw revenues of 4.73 billion yuan, with a net profit of 940 million yuan, marking a 43% increase year-on-year [4] Sales and Product Structure - Beer revenue in H1 2025 was 7.896 billion yuan, with a sales volume of 2.3517 million kiloliters, showing a 6.9% increase in revenue and a 2.0% increase in volume [5] - The revenue from mid-to-high-end products reached 5.536 billion yuan, up 9.3% year-on-year, while ordinary products saw a revenue of 2.36 billion yuan, a 1.6% increase [5] - Non-beer business segments, including natural water and beverages, reported revenues of 9.41 million yuan and 83.01 million yuan, respectively, with growth rates of 21.1% and 98.7% [5] Cost Management and Profitability - The gross margin for H1 2025 was 45.5%, with a net profit margin of 14.83%, reflecting improvements due to better product mix and cost control [6] - The sales expense ratio decreased to 10.33%, while the management expense ratio also saw a decline, contributing to overall profitability [6] Future Outlook - The report projects net profits for 2025-2027 to be 1.488 billion yuan, 1.789 billion yuan, and 2.071 billion yuan, respectively, with corresponding P/E ratios of 25x, 21x, and 18x [7][9] - Yanjing Beer is expected to leverage its U8 product line for continued growth, with significant potential for cost reduction and efficiency improvements [7]