东吴证券研报指出，燕京啤酒25Q1归母净利润同比+61.10%，U8销量保持30%以上高增，其中销量+3.11%/吨酒营收+3.47%/吨酒成本-5.76%，预计25Q2大单品U8延续较好增势，量价齐升、成本弹性兑现，25Q2归母净利润同比+36.70%至+48.26%，持续兑现高增。综合来看，此前21、22、23、24年销售净利率为2.45%、4.16%、6.01%、9.03%，25年销售净利率提升仍处于较好上升通道，改革成效持续兑现。短期虽餐饮端有所承压，但燕啤仍处于改革的前半段，大单品U8高增持续兑现成长；中期维度燕啤亦属于攻守兼备的优质标的，升级韧性、股息率提升是抓手。参考25Q2业绩预告节奏，维持“买入”评级。
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