Investment Rating - The report maintains a "Buy" rating for the company with a target price of 315 RMB, compared to the last closing price of 275 RMB [1][8]. Core Insights - The company achieved a strong start in Q1 2025, with revenue reaching 4.85 billion RMB, a year-on-year increase of 39.2%, and a net profit of 980 million RMB, up 47.6% year-on-year [4][5]. - The growth is driven by strong performance in the special beverage segment and the continued success of the "Beverage" product line, which saw significant year-on-year increases [5][7]. - The company is focusing on national expansion and has made progress in its platform-based growth strategy, with plans for international market entry, particularly in Southeast Asia and the Middle East [7][8]. Financial Performance - In Q1 2025, the company reported a gross margin of 44.5%, an increase of 1.7 percentage points year-on-year, attributed to economies of scale and declining raw material costs [6]. - The net profit margin also improved, reaching 20.2%, up 1.1 percentage points year-on-year, indicating a positive trend in profitability [6]. - The company aims for revenue and profit growth of no less than 20% for 2025, with a strong focus on expanding its product offerings and market reach [7][8]. Future Projections - Revenue projections for 2025-2027 are estimated at 21 billion RMB, 26.2 billion RMB, and 31.3 billion RMB, representing year-on-year growth rates of 32%, 25%, and 19% respectively [8][9]. - Net profit projections for the same period are 4.6 billion RMB, 5.9 billion RMB, and 7 billion RMB, with growth rates of 37%, 29%, and 20% respectively [8][9]. - The company is expected to maintain a strong performance relative to the market, with a projected PE ratio of 31, 24, and 20 for the years 2025, 2026, and 2027 [8][9].

Investment Rating - The investment rating for the company is "Add" [8] Core Views - The company has achieved high growth in performance, with a revenue of 4.848 billion yuan in Q1 2025, representing a year-on-year increase of 39.23%, and a net profit of 980 million yuan, up 47.62% year-on-year [2][3] - The company's strategy of "nationalization + multi-category" is effectively driving growth, particularly in energy drinks and electrolyte beverages, with significant revenue increases in emerging markets [3][9] Summary by Sections Performance Overview - In Q1 2025, the company's main business revenue was primarily from energy drinks, generating 3.901 billion yuan, a year-on-year increase of 25.71%, accounting for 80.50% of total revenue [3] - Electrolyte beverage revenue reached 570 million yuan, up 261.46% year-on-year, increasing its share to 11.76% [3] - Other beverage sales amounted to 375 million yuan, a 72.62% increase year-on-year, contributing 7.74% to total revenue [3] Regional Performance - The company successfully expanded into emerging markets such as North China and Southwest regions, with North China achieving sales of 746 million yuan, up 71.67% year-on-year, and Southwest region revenue of 623 million yuan, up 61.78% [3] - Revenue from Guangdong was 1.125 billion yuan, a 21.58% increase year-on-year, but its share decreased to 23.22% [3] Profitability - The gross margin increased by 1.70 percentage points to 44.47% in Q1 2025, primarily due to lower raw material prices and economies of scale [4] - The net profit margin rose by 1.14 percentage points to 20.21% [4] Financial Forecast - The company aims for over 20% growth in revenue and net profit for 2025, with projected net profits of 4.029 billion yuan, 4.937 billion yuan, and 6.107 billion yuan for 2025, 2026, and 2027 respectively [9] - Earnings per share (EPS) are expected to be 7.75 yuan, 9.49 yuan, and 11.74 yuan for the same years [9]

Investment Rating - The investment rating for the company is "Add" [8] Core Views - The company has achieved high growth in performance, with a revenue of 4.848 billion yuan in Q1 2025, representing a year-on-year increase of 39.23%, and a net profit of 980 million yuan, up 47.62% year-on-year [2][3] - The company's strategy of "nationalization + multi-category" is effectively driving growth, particularly in energy drinks and electrolyte beverages, with significant revenue increases in emerging markets [3][9] Summary by Sections Performance Overview - In Q1 2025, the company's main business revenue was primarily from energy drinks, generating 3.901 billion yuan, a year-on-year increase of 25.71%, accounting for 80.50% of total revenue. Electrolyte drinks saw revenue of 570 million yuan, up 261.46%, and other beverages generated 375 million yuan, up 72.62% [3] - The company successfully expanded into new markets such as North China and Southwest China, with North China revenue reaching 746 million yuan, a 71.67% increase year-on-year, and Southwest revenue at 623 million yuan, up 61.78% [3] Profitability - The gross margin increased by 1.70 percentage points to 44.47% in Q1 2025, primarily due to lower raw material prices and economies of scale. The net profit margin also rose by 1.14 percentage points to 20.21% [4] - The company aims for a revenue and net profit growth of over 20% in 2025, with projected net profits of 4.029 billion yuan, 4.937 billion yuan, and 6.107 billion yuan for 2025, 2026, and 2027 respectively [9] Financial Forecast - Revenue projections for 2024, 2025, 2026, and 2027 are 15.839 billion yuan, 20.154 billion yuan, 25.151 billion yuan, and 30.742 billion yuan respectively, with growth rates of 40.63%, 27.24%, 24.79%, and 22.23% [4][10] - Earnings per share (EPS) are expected to be 6.40 yuan, 7.75 yuan, 9.49 yuan, and 11.74 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 35.80, 29.56, 24.12, and 19.50 [12]

2025 年 4 月 17 日 公司研究 25 年开局表现亮眼，电解质饮料持续放量，全国化扩张步伐稳健 ——东鹏饮料（605499.SH）2025 年一季报点评 买入（维持） 当前价：267.58 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523877 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 5.20 | | 总市值(亿元)： | 1391.44 | | 一年最低/最高(元)： | 142.14/278.49 | | 近 3 月换手率： | 30.53% | 股价相对走势 -11% 14% 40% 65% 90% 04/24 07/24 10/24 01/25 东鹏饮料 沪深300 | 收益表现 | | | | | --- | --- | --- | --- ...

事件：公司发布2025 年第一季度报告，实现营业收入48.48 亿元，同比增长39.23%；实现归母净利润 9.80 亿元，同比增长47.62%；实现扣非净利润9.59 亿元，同比增长53.55%。 能量饮料持续增长，新品收入增长亮眼。 盈利预测及投资评级：核心产品东鹏特饮凭借"精准定位+高效触达"策略，收入持续增长。电解质饮 料"东鹏补水啦"持续高增。我们预计公司2025-27年实现营收207.8/253.8/300.7 亿元，同比增长31.2% /22.1%/18.5% ， 实现归母净利润44.3/54.2/64.9 亿元，同比增长33.3%/22.3%/19.8%，维持"推荐"评级。 风险提示：行业竞争加剧、新品推广不及预期、原材料价格大幅波动等。 2）分区域看：25Q1 广东区域实现收入11.3 亿元，同比增长21.6%，我们预计主要系新产品渠道复用增 长带动；华东/华中/广西/西南/华北区域分别实现收入6.6/6.8/3.8/6.2/7.5 亿元， 分别同比增长 30.8%/28.6%/31.9%/61.8%/71.7%。广东省外其他区域规模仍持续增长。线上/重客及其他收入分别实现 1.0/5.3 ...

食品饮料/饮料乳品 东鹏饮料（605499.SH） 2025Q1 高歌猛进，继续发力 2025 年 04 月 17 日 投资评级：增持（维持） | 日期 | 2025/4/16 | | --- | --- | | 当前股价(元) | 275.00 | | 一年最高最低(元) | 298.06/188.50 | | 总市值(亿元) | 1,430.04 | | 流通市值(亿元) | 1,430.04 | | 总股本(亿股) | 5.20 | | 流通股本(亿股) | 5.20 | | 近 3 个月换手率(%) | 31.54 | 股价走势图 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 2025-04 东鹏饮料 沪深300 数据来源：聚源 相关研究报告 《2024 年收入高增，2025 年稳中求进 —公司信息更新报告》-2025.3.11 《开局良好，新品可期—公司信息更 新报告》-2024.4.23 《2023 年高速增长，2024 年势头良好 —公司信息更新报告》-2024.4.17 张宇光（分析师） 方勇（分析师） zhangyuguang@kysec. ...

"东鹏补水啦"是东鹏饮料2023年推出的电解质水新品牌，2024年其营收同比增长280.37%至约15亿元， 也就是说东鹏饮料用两年的时间又打造了一款15亿规模的单品。在东鹏特饮线上平台官方旗舰店内，这 款产品的销量已攀升至店铺第二位。 电解质水是近年来饮料行业的热门赛道。2024年，康师傅饮品涉足功能性饮料领域，推出"无限.电"电 解质水。统一企业于2022年重启海之言品牌，将产品从清淡果味饮料转型为电解质饮料，并联手咨询公 司华与华重新讲述品牌故事。早在2021年，元气森林就推出了外星人电解质水，又在2023年推出了"外 星人WAVE"电解质水。 今年4月，东鹏饮料向港交所提交了上市申请。东鹏饮料监事会表示，此次发行是为了进一步提高公司 的资本实力和综合竞争力，提升公司国际化品牌形象，满足公司国际业务发展需要，深入推进公司全球 化战略。 功能饮料赛道的另一位资深玩家是红牛，其主要定位于高端市场，而东鹏饮料则以较低的价格瞄准对价 格敏感的下沉市场，主要消费群体为建筑、货运、快递等行业的蓝领人群。2016年后，红牛陷入商标纠 纷导致市场扩张受影响，东鹏饮料趁机抢占渠道。尼尔森IQ数据显示，2024年东鹏特饮在 ...

东鹏饮料在招股书表示，其上市所募资金将用于完善产能布局和推进供应链升级；加强品牌建设和消费者互动，持续增强品牌影响力；持续推进全国 化战力，拓展、深耕和精细化运营渠道网络；拓展海外市场业务，探索潜在投资及并购机会；加强各个环节的数字化建设；增强产品开发能力，持续 实现产品品类拓展；以及营运资金及一般企业用途。 以下文章来源于征探财经 ，作者征探君 征探财经 . 资本市场的征探君。把征探财经设置为星标，不会错过每篇文章哦～～ 来源|征探财经 作者丨五仁 4月3日，东鹏饮料 向港交所递交招股书。根据弗若斯特沙利文报告，按销量计，东鹏饮料在中国功能饮料市场自2021年起连续4年排名第一，市场份额从 2021年的15.0%增长到2024年的26.3%。 对东鹏饮料来说，近年来业绩逐渐上市，2023年推出的东鹏补水啦逐渐打开了运动饮料的市场，但目前其依旧依赖能量饮料。在拓展品类的发展战 略下，其研发费用的体量与增速远不及销售费用，能否推出更多爆款饮品也存在隐忧。 而在大量理财的同时，东鹏饮料负债也在不断攀升，此时抛出东鹏饮料赴港上市计划，也引发了一些质疑。 01 依赖能量饮料与线下经销商 据东鹏饮料招股书，其收入从20 ...

国产功能饮料龙头东鹏饮料正冲击A+H上市。 格隆汇获悉，近期，东鹏饮料（集团）股份有限公司（简称"东鹏饮料"）向港交所递交招股书，拟在香港主板上市， 华泰国际、摩根士丹利、瑞银集团为联席保荐人。 经过多年发，东鹏饮料（605499）已成为国内第一、全球领先的功能饮料企业，并于2021年在A股上市，2024年营收 超158亿元，但也存在依赖大单品、产品销售依赖经销商渠道等经营隐忧。同时，近几年东鹏饮料被大股东多次减持 套现的行为，也引发市场担忧。 截止今天（4月16日）下午收盘，A股东鹏饮料股价涨2.77%至275元/股，市值约1430亿元。如今中国软饮料市场情况 如何？不妨通过东鹏饮料来一探究竟。 图片来源于格隆汇 1 卖功能饮料产品，深圳南山冲出一家IPO 东鹏饮料总部位于广东省深圳市南山区，其前身东鹏实业于1994年6月注册成立，2003年10月林木勤先生及东鹏实业 其他19名员工受让东鹏实业产权，东鹏实业改制为东鹏有限，并在2018年3月改制为股份有限公司。 2021年，东鹏饮料登陆上海证券交易所上市，成为中国"能量饮料第一股"，如今又要谋求A+H上市。 公司在中国能量饮料领域首创PET包装，并创新性地 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported strong Q1 2025 results with revenue of 4.848 billion, net profit of 0.980 billion, and net profit after deducting non-recurring items of 0.959 billion, representing year-on-year growth of 39.23%, 47.62%, and 53.55% respectively [1]. - The core product lines showed robust growth, with energy drink revenue at 3.900 billion (up 25.7% YoY) and electrolyte water revenue at 0.570 billion (up 261.5% YoY), achieving a double-digit market share of 11.8% [2]. - The company is expanding its national presence, with revenue outside Guangdong reaching 3.090 billion (up 44% YoY), and significant growth in various regions including East China and Southwest China [2]. - The gross margin improved by 1.7 percentage points YoY, driven by lower raw material costs and scale effects, while the net profit margin increased by 1.8 percentage points YoY [3]. - The company is expected to achieve revenue of 20.519 billion, 25.329 billion, and 30.273 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 4.512 billion, 5.696 billion, and 6.962 billion [4]. Summary by Sections Financial Performance - Q1 2025 revenue reached 4.848 billion, with a net profit of 0.980 billion, reflecting strong growth across product lines [1]. - The company anticipates revenue growth rates of 29.5%, 23.4%, and 19.5% for the years 2025, 2026, and 2027 respectively [4]. Product and Market Strategy - The company is focusing on channel expansion and product diversification, with significant contributions from new product lines and marketing efforts [2]. - The electrolyte water segment has seen a remarkable increase in revenue, indicating a successful product strategy [2]. Cost Management and Profitability - The gross margin has improved due to favorable raw material prices and operational efficiencies, with a stable expense ratio [3]. - The company is expected to maintain a strong profitability trajectory with increasing net profit margins over the forecast period [3].