燕京啤酒（000729）：改革提效继续兑现，盈利能力保持升势

Investment Rating - The investment rating for Yanjing Beer is "Buy" (maintained) [1] Core Views - The report highlights that Yanjing Beer has shown a continuous improvement in profitability, driven by cost reduction and efficiency enhancement measures. The company has achieved a notable increase in net profit and revenue, exceeding market expectations [6] - The company is expected to maintain a robust growth trajectory, with projected net profits for 2025-2027 at 1.555 billion, 1.885 billion, and 2.170 billion respectively, reflecting year-on-year growth rates of 47.3%, 21.3%, and 15.1% [6] - The report emphasizes the importance of the U8 product as a core national product and the expansion of regional and specialty products, positioning the company well within the premiumization trend in the beer industry [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 15.532 billion, with a year-on-year growth rate of 5.9% [5] - The net profit for 2025 is estimated at 1.555 billion, with a significant year-on-year increase of 47.3% [5] - The gross margin is expected to be 42.7% in 2025, reflecting an improvement in profitability [5] - The report indicates that the company achieved a gross profit margin of 50.2% in Q3 2025, up 2.16 percentage points year-on-year [6] - The earnings per share (EPS) for 2025 is projected at 0.55 yuan, with a price-to-earnings (PE) ratio of 21 [5][6]