The Zheshang Securities Research Report pointed out that Yanjing Brewery started a business for the second time, and high-end technology led growth. Under the combined effects of “reforming and restructuring the management system+U8 driving product structure upgrade+cost and organizational efficiency optimization+subsidiary loss reduction”, the company's profit center continues to rise. It is expected that there is still plenty of room for improvement in subsequent net interest rates, and strong alpha attributes are prominent. The sales volume of Yanjing U8 is expected to reach about 1.3 million tons in 2028, contributing about 7.4 billion yuan in revenue. At the same time, the company launched the Yanjing A10, opening up high-end brand potential. In terms of categories, build a “one core, two wings” business layout to form the collaborative development of “beer+drink+health food”. Considering Yanjing Brewery's brand moat, market-based reform dividends, and valuation increases brought about by high-end technology, 23 times PE will be given in 2026, corresponding to a target price of 16.80 yuan. It has about 30% upside compared to the current stock price. It was covered for the first time and gave it a “buy” rating.

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