Gelonghui, January 2 | Guotai Junan Research Report pointed out that thanks to comprehensive reforms and efficiency improvements, the revenue and profit growth of Yanjing Brewery (000729.SZ) in 2024 is expected to be significantly superior to that of the industry. Volume and price growth and loss reduction can be expected in 2024Q4, and the momentum of volume and price growth and profit improvement is expected to continue in 2025. The target price was raised to 14.3 yuan to maintain the “gain” rating. It is expected that the 2024Q4 company's volume and price growth will accelerate month-on-month. Among them, the large single product U8 will benefit from continuous regional penetration, channel expansion, and gradual product serialization development, and is expected to maintain relatively rapid growth. Against the backdrop of strengthened overall regional sorting and control, it can be expected to reach high growth targets throughout the year, leading to an increase in the product structure. Looking ahead to 2025, if the restaurant scene bottoms out and stabilizes under a more active policy, the industry boom is expected to gradually recover, and the company will also benefit and show greater flexibility in volume price and valuation.