Yanjing Beer (000729) Interim Report 19: 19H1 performance short-term pressure on sub-brands into volume highlights

Yanjing Beer (000729) Interim Report 19: 19H1 performance short-term pressure on sub-brands into volume highlights

I. Overview of the incident The company released its 19-year interim report.

At the core of the report, the company achieved revenue of 64.

62 trillion, +1 a year.

37%, achieving net profit 佛山桑拿网 attributable to mother 5.

12 trillion, +1 a year.


Second, analysis and judgment of Q2 revenue, double-digit profit, sub-brand heavy volume into a bright spot 19H1 company achieved revenue 64.

62 trillion, +1 a year.

37%, equivalent to 30 quarters of revenue in Q2.

1.4 billion a year -2.

63%; 19H1 achieved net profit attributable to mother 5.

12 trillion, +1 a year.

13%, equivalent to Q2 single quarter net profit attributable to mother 4.

54 ppm, +0 for ten years.

twenty two%.

The growth rate of the company’s performance in 19Q2 slowed down compared to the previous quarter. The income side was mainly caused by the rain in Q2, which interfered with the main brand of Yanjing.

In terms of sales, 19H1 achieved sales of 257.

850,000 kiloliters, at least -0.

66%, mainly due to significant sales in 19Q2 (19Q2 sales of 139.

850,000 kiloliters, previously -3.


19H1 Yanjing’s main brand sold 175.

960,000 kiloliters, previously -3.

71%, three sub-brands achieved sales of 62.

160,000 kiloliters, +10 in the past.

88%, the three companies Liquan / Snow Deer / Huiquan achieved positive revenue growth, of which the Liquan brand performed particularly well (19H1 Liquan company revenue +19.

82%, Snow Deer +6.

07%, Huiquan +0.


In terms of ton price, the company’s 19H1 ton price reached 2325 due to the continuous advancement of product structure upgrades and the positive reduction in the expansion rate.

19 yuan / kL, +2 in the past.

03%, the growth rate is between Tsingtao Beer (ten years +5.

42%) and heavy beer (ten years +1).


Increase in gross profit margin + decline in the proportion of taxes and additional revenue promoted a slight increase in net profit. Gross profit margin: The company’s gross profit margin reached 42 in 19H1.

56%, a slight increase of 0 a year.

14ppt. Against the background of the rising prices of glass bottles and barley in the first half of this year, the gross profit margin increased against the trend, mainly due to the continuous optimization of product structure + falling prices of packaging materials such as corrugated paper and aluminum cans + a decrease in growth rate;With the increase in gross profit margin and the decline in the proportion of taxes and additional revenue, the company’s net profit margin in 19H1 reached 8.
80%, a slight increase of 0 a year.
04ppt, of which 19H1 tax and additional revenue accounted for at least -0.

63ppt, mainly due to the increase in the alternative consumption tax rate of the product’s ton price, which resulted in the consumption tax revenue accounting for more than -0.


Regarding the period expense ratio, the sales / management / R & D / financial expense ratio of the company in 19H1 was +0.

45ppt / + 0.

15ppt / + 0.

22ppt / -0.

10ppt, of which the increase in the sales expense ratio was mainly due to the Q2 Winter Olympics sponsorship expenses accrued, which resulted in +0 of advertising expenses and publicity expenses.

21ppt, the increase in the management expense ratio was mainly due to the employee’s salary and revenue accounted for more than +0.


Promote product upgrading and gradually reduce the scale in advantageous markets, and continue to be optimistic about the company’s profitability. The company’s three dominant markets in Beijing, Inner Mongolia and Guangxi have an average market share of more than 75%.it is good.

At the same time, the expected reduction in yield is highly resilient to the weakly profitable beer industry. We estimate that the shift to 3 yields in April 19 will bring about an increase in the company’s yield.

Deeply plowing into advantageous markets to promote product upgrades and expansion cuts, we continue to be optimistic about the improvement of the company’s profitability.

Third, the investment proposal is expected to achieve operating income of 120 companies in 19-21.

24 ppm / 125.

15 ppm / 132.

55 ppm, ten years +6.

0% / 4.

1% / 5.

9%; net profit attributable to listed companies is 2.

67 ppm / 3.

34 ‰ / 4.

10,000 yuan, +48 a year.

6% / 24.

9% / 20.

0%, equivalent to EPS.

09 yuan / 0.

12 yuan / 0.

14 yuan, corresponding to 1 for PB.

35X / 1.

32X / 1.

28 times.

The current overall net settlement of the beer sector is 2.

The company is estimated to be 95 times lower than the industry. Taking into account the deep cultivation of the superior market to promote product upgrades instead of expansion, it is expected that the company’s profit growth will be faster than the industry average in the future.

In summary, maintain the “recommended” level.

4. Risk warning: market competition intensifies beyond expectations, cost growth exceeds expectations, and food safety risks