Yanjing Brewery(SZ:000729) Western Securities·2025-08-13 11:54Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - 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 attributable to shareholders of 1.1 billion yuan, up 45.5% year-on-year [1][5] - The beer sales volume increased by 2% to 2.352 million kiloliters, with revenue per kiloliter rising by 4.3% to 3,639.2 yuan, indicating a strong performance against the industry backdrop where production declined by 0.3% [1][2] - The company is focusing on high-end product growth, with mid-to-high-end product revenue growth reaching 9.3%, increasing its revenue share from 68.5% in H1 2024 to 70.1% in H1 2025 [2][3] Financial Performance - The company is projected to achieve revenues of 15.526 billion yuan, 16.389 billion yuan, and 17.260 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.436 billion yuan, 1.794 billion yuan, and 2.085 billion yuan [3][4] - Earnings per share (EPS) are expected to be 0.51 yuan, 0.64 yuan, and 0.74 yuan for the years 2025, 2026, and 2027 respectively [4][3] - The company’s gross margin is projected to improve from 37.6% in 2023 to 44.1% in 2027, indicating a positive trend in profitability [9][4] Market Strategy - The company is implementing a "Hundred Cities Project" to enhance market penetration, aiming to deepen high-end market development in mature markets while accelerating distribution in growth markets [2][3] - The number of distributors has increased to 8,549, a net addition of 157 compared to H1 2024, reflecting the company's commitment to expanding its distribution network [2][3]