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 maintained as "Buy" based on the company's performance exceeding expectations and positive trends in cost reduction and efficiency improvement [5]. Core Insights - Yanjing Beer reported a total revenue of 13.433 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 4.57%. The net profit attributable to the parent company was 1.77 billion yuan, showing a year-on-year increase of 37.5% [5]. - The company is expected to continue its growth trajectory with projected net profits of 1.555 billion yuan, 1.885 billion yuan, and 2.170 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 47.3%, 21.3%, and 15.1% [5]. - The report highlights the company's focus on enhancing its product matrix with a core emphasis on the U8 brand, which positions it well within the premiumization trend in the beer industry [5]. Financial Data and Profit Forecast - Total revenue projections for Yanjing Beer are as follows: 15.532 billion yuan for 2025, 16.191 billion yuan for 2026, and 16.780 billion yuan for 2027, with respective year-on-year growth rates of 5.9%, 4.2%, and 3.6% [4]. - The gross profit margin is expected to improve, with forecasts indicating a gross margin of 42.7% for 2025, 43.6% for 2026, and 44.2% for 2027 [4]. - The company achieved a gross profit margin of 50.2% in Q3 2025, an increase of 2.16 percentage points year-on-year, driven by a decrease in costs and an increase in sales prices [5].