燕京啤酒（000729）：深度报告：改革蓄势，再谱新篇

Investment Rating - The report maintains a "Buy" rating for the company [4][14] Core Insights - The company is expected to benefit from strong reform momentum, with significant potential for national expansion of its U8 product line, projected to exceed 1.5 million tons in the future. The expansion of products priced at 10 yuan and above offers substantial growth opportunities, which may enhance product structure and profitability [2][10] - The beer industry is stabilizing, with leading regional players like Yanjing Beer showing advantages in market share growth through premium products. The report anticipates that the recovery of dining scenarios and terminal consumption will drive profitability through structural upgrades and price increases [10][22] Financial Summary - Total revenue is projected to grow from 14,213 million yuan in 2023 to 17,143 million yuan in 2027, with annual growth rates of 7.7%, 3.2%, 5.4%, 5.8%, and 4.9% respectively [3][11] - Net profit attributable to the parent company is expected to rise from 645 million yuan in 2023 to 2,319 million yuan in 2027, reflecting growth rates of 83.0%, 63.7%, 52.7%, 24.0%, and 16.1% respectively [3][11] - Earnings per share (EPS) is forecasted to increase from 0.23 yuan in 2023 to 0.82 yuan in 2027 [3][11] Business Strategy and Market Position - The company is undergoing comprehensive reforms aimed at enhancing management efficiency and operational effectiveness, which have already led to significant improvements in sales and profitability. The net profit margin is projected to increase from 1.9% in 2021 to 7.2% in 2024 [10][37] - The U8 product line is expected to continue its growth trajectory, with a potential to become a major contributor to sales, targeting a volume of over 1 million tons by 2026 [10][14] - The company is also focusing on expanding its high-end product offerings, which are anticipated to further optimize its product structure and profitability [10][14]