更新报告：大单品持续发力，变革效益不断释放

Investment Rating - The investment rating for Yanjing Beer is maintained at "Buy" with a target price of 12.30 CNY [1][4]. Core Views - The core view highlights that the major product, Yanjing U8, continues to perform strongly, achieving a year-on-year sales growth of over 36% in 2023. The company is expected to solidify its market presence in the Beijing-Tianjin-Hebei region and expand into county-level markets nationwide, which is anticipated to sustain high growth rates [4][5]. - The report emphasizes ongoing improvements in operational efficiency and profitability across subsidiaries, driven by organizational restructuring and enhanced management practices. This is expected to yield balanced improvements across all subsidiaries [5][6]. - The upcoming peak season is projected to catalyze sales growth, with expectations for gradual price and volume increases in subsequent quarters, indicating a positive trend in market conditions [6]. Summary by Sections Investment Recommendations - The report maintains a "Buy" rating and forecasts EPS for 2024-2026 at 0.33, 0.43, and 0.53 CNY, respectively [4]. Financial Performance - The company reported a revenue of 14,213 million CNY in 2023, with a projected increase to 15,272 million CNY in 2024. The net profit for 2023 was 645 million CNY, expected to rise to 925 million CNY in 2024 [3][4]. - The operating profit margin is projected to improve from 5.6% in 2023 to 8.1% in 2024, reflecting enhanced operational efficiency [3]. Market Position - Yanjing Beer is recognized as one of the largest beer producers in China, with significant market share and a strong brand presence. The company is focusing on product innovation and market expansion to maintain its competitive edge [2][4]. Operational Improvements - The report notes significant enhancements in labor productivity and profitability across subsidiaries, with a focus on optimizing production processes and supply chain management [5][6]. Future Outlook - The company is expected to benefit from a favorable market environment as it enters the peak sales season, with anticipated improvements in both sales volume and pricing strategies [6].