Yanjing Brewery(SZ:000729) Tai Ping Yang Zheng Quan·2025-10-21 14:56Investment Rating - The report maintains an "Accumulate" rating for Yanjing Beer with a target price of 14.08, compared to the last closing price of 12.49 [1]. Core Insights - Yanjing Beer has shown continuous improvement in profitability, with a significant increase in net profit and a focus on shareholder returns through its first quarterly dividend distribution [6][7]. - The company's revenue for the first three quarters of 2025 reached 134.33 billion, a year-on-year increase of 4.57%, while the net profit attributable to shareholders was 17.70 billion, up 37.45% year-on-year [4][6]. Financial Performance Summary - Revenue and Profitability: In Q1-Q3 2025, the company achieved a revenue of 134.33 billion, with a net profit of 17.70 billion, reflecting a year-on-year growth of 4.57% and 37.45% respectively. In Q3 alone, revenue was 48.75 billion, with a net profit of 6.68 billion, marking a year-on-year increase of 1.55% and 26.00% [4][5]. - Cost and Margin: The cost per ton decreased to 2030 yuan, down 0.8% year-on-year, with a gross margin of 47.19% for Q1-Q3 2025, an increase of 2.1 percentage points year-on-year. The net profit margin for Q3 reached 16.17%, up 2.8 percentage points year-on-year [6][8]. - Sales Performance: The company maintained a trend of increasing sales volume and price, with Q1-Q3 sales volume at 349.52 million tons and price at 3843 yuan per ton, reflecting a year-on-year increase of 1.39% and 3.1% respectively [5][6]. Future Projections - The report projects a revenue growth rate of 4% for 2025-2027, with net profit growth rates of 45%, 18%, and 14% for the respective years. The expected earnings per share (EPS) are 0.54, 0.64, and 0.73 yuan, with corresponding price-to-earnings (PE) ratios of 23x, 20x, and 17x [7][8].