Yanjing Brewery(SZ:000729) HUAXI Securities·2025-08-13 05:25Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's net profit excluding non-recurring items exceeded expectations, indicating ongoing benefits from reforms [2][6] - The company achieved revenue of 8.558 billion yuan in H1 2025, a year-on-year increase of 6.4%, and a net profit of 1.103 billion yuan, up 45.5% year-on-year [2] - The company continues to push for high-end product development, with significant growth in mid-to-high-end product sales [3][4] Revenue and Profit Performance - In H1 2025, the company sold 2.3517 million tons of beer, a 2.03% increase year-on-year, with an average price of 3,357 yuan per ton, up 4.75% year-on-year [3] - The company's gross profit margin for H1 2025 was 45.5%, reflecting a 2.1 percentage point increase year-on-year [4] - The net profit margin for H1 2025 was 12.9%, an increase of 3.5 percentage points year-on-year [5] Cost and Efficiency - The company has improved its cost efficiency, with a sales expense ratio of 10.3% in H1 2025, down 0.5 percentage points year-on-year [4] - The management expense ratio was also optimized, contributing to overall profit margin improvements [4] Future Outlook - The company is expected to continue benefiting from ongoing reforms, with projected revenues for 2025-2027 adjusted to 15.55 billion, 16.48 billion, and 17.25 billion yuan respectively [8] - Earnings per share (EPS) forecasts for 2025-2027 have been raised to 0.53, 0.62, and 0.71 yuan respectively [8]