4.委托理财期限：最短持有 7 天、49 天、56 天、4 个月、6 个月、8 个月； 重要内容提示： 1.委托理财受托方：上海海通证券资产管理有限公司、中信期货有限公司、 中信证券资产管理有限公司、中国银行股份有限公司； 2.本次委托理财金额：合计 66,000.00 万元； 3.委托理财产品类型：理财、资管计划； 证券代码：605499 证券简称：东鹏饮料公告 编号：2024-098 东鹏饮料（集团）股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 5.履行的审议程序：东鹏饮料（集团）股份有限公司（以下简称"公司"） 于 2024 年 4 月 12 日召开第三届董事会第四次会议、第三届监事会第四次会议及 2024 年 5 月 17 日召开 2023 年年度股东大会，分别审议通过了《关于 2024 年度 使用闲置自有资金进行现金管理的议案》，公司股东大会授权公司及其子公司在 保证日常经营资金需求和资金安全的前提下，使用不超过人民币 85 亿元的范围 内择机购买理财产 ...

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[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Invest]买入|维持 东鹏饮料(605499)公司点评报告 2024 年 11 月 05 日 [Table_Title] 持续逆势增长，补水啦继续放量 ——东鹏饮料 2024 年三季报点评 [Table_Summary] 事件 公司公告 2024 年三季报。24Q1-3，公司实现总营收 125.58 亿元，同比 +45.34%，归母净利 27.07 亿元，同比+63.53%，扣非归母净利 26.63 亿元， 同比+77.30%。24Q3，公司实现总营收 46.85 亿元，同比+47.29%，归母净利 9.77 亿元，同比+78.42%，扣非归母净利 9.56 亿元，同比+86.90%。 东鹏特饮稳固、补水啦持续放量，全国各区域快速增长 1）东鹏特饮优势稳固，补水啦及其他饮料快速增长。24Q1-3，东鹏特饮/东鹏 补水啦 / 其 他 饮 料 收 入 分 别 为 105.07/12.11/8.12 亿 元 ， 同 比 分 别 +31.43%/+292.11%/+145.43%。24Q3，东鹏特饮/东鹏补水啦/其他饮料收 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [6][15]. Core Insights - The company's performance continues to exceed expectations, demonstrating strong momentum. The growth in new products, particularly "Brewed Water," is significant, and the multi-category development is promising. The revenue forecast for 2024-2026 has been raised, with expected revenues of 160 billion, 209 billion, and 272 billion yuan, respectively, reflecting growth rates of 42%, 31%, and 30% [4][6]. Financial Performance Summary - For Q1-3 of 2024, the company achieved revenues and net profits of 12.558 billion and 2.707 billion yuan, respectively, representing year-on-year growth of 45.34% and 63.53%. In Q3 alone, revenues and net profits were 4.685 billion and 977 million yuan, with year-on-year increases of 47.29% and 78.42% [1]. - The gross margin improved significantly, with Q3 gross and net profit margins increasing by 4.29 and 3.64 percentage points to 45.81% and 20.85%, respectively. Sales expenses increased, reflecting a strategic investment in marketing [3]. - The company reported a net cash flow from operating activities of 768 million yuan in Q3, a 7.36% increase year-on-year, with sales collections rising by 37.62% to 5.107 billion yuan [3]. Regional Performance - The company experienced steady growth in mature regions such as Guangdong, East China, and Guangxi, while other regions saw growth rates exceeding 50%. In Q3, revenues from various regions were as follows: Guangdong (1.312 billion), East China (644 million), and others, with significant growth in Central China, Southwest, and North China [2]. Channel Development - The company is focusing on high-quality development across all channels, with a notable increase in the number and quality of distributors. In Q3, the number of distributors rose by 213 to 2,993, with an average distributor scale increasing by 36.40% to 1.5597 million yuan [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported strong revenue and profit growth, with a year-on-year revenue increase of 45.3% to 12.56 billion yuan and a net profit increase of 63.5% to 2.71 billion yuan for the first three quarters of 2024 [1][2] - The company is experiencing robust growth across product categories and regions, with significant contributions from new products and expanding distribution channels [2] - Profitability is improving due to a decrease in costs and expenses, with a gross margin of 45.1%, up 2.5 percentage points year-on-year [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 4.68 billion yuan, a 47.3% increase year-on-year, and a net profit of 980 million yuan, up 78.4% [1] - The first three quarters of 2024 saw a gross margin of 45.1%, a net profit margin of 21.6%, and a significant increase in net profit [3] Product and Regional Growth - Revenue from the main product, Dongpeng Energy Drink, reached 10.5 billion yuan, growing by 31.4%, while other beverages saw even higher growth rates [2] - The company’s revenue from the Guangdong region grew by 19.6%, while national and direct sales saw increases of 55.1% and 69.9%, respectively [2] Cost and Expense Management - The company maintained a sales expense ratio of 16.4%, while management and R&D expenses decreased, contributing to improved profitability [3] - The net profit margin increased by 2.4 percentage points year-on-year, reflecting enhanced operational efficiency [3] Future Outlook - The company forecasts net profits of 3.12 billion yuan, 4.12 billion yuan, and 5.16 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 6.01 yuan, 7.92 yuan, and 9.93 yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue reaching 12.558 billion yuan, a 45.34% YoY increase, and net profit attributable to shareholders reaching 2.707 billion yuan, a 63.53% YoY increase [5] - The company's core product, Dongpeng Special Drink, continued to grow strongly, with Q3 revenue reaching 3.652 billion yuan, a 27.73% YoY increase [6] - The company's second growth curve, represented by the "Bushui La" product, accelerated, with Q3 revenue reaching 735 million yuan, a 299.58% YoY increase [6] - The company's national expansion strategy is progressing well, with Guangdong region revenue growing 30.47% YoY and national region revenue growing 51.78% YoY [6] - The company's profitability improved significantly in Q3, with gross margin reaching 45.81%, a 4.29% YoY increase, and net margin reaching 20.85%, a 3.64% YoY increase [7] Financial Forecasts - The company's revenue is expected to grow to 16.081 billion yuan in 2024, 20.394 billion yuan in 2025, and 25.106 billion yuan in 2026, representing YoY growth rates of 42.78%, 26.82%, and 23.10% respectively [7] - Net profit attributable to shareholders is expected to grow to 3.214 billion yuan in 2024, 4.196 billion yuan in 2025, and 5.252 billion yuan in 2026, representing YoY growth rates of 57.57%, 30.56%, and 25.17% respectively [7] - EPS is expected to grow to 6.18 yuan in 2024, 8.07 yuan in 2025, and 10.10 yuan in 2026 [4] - The company's P/E ratio is expected to decline to 34.60 in 2024, 26.50 in 2025, and 21.17 in 2026 [4] Operational Highlights - The company's sales channels are diversified, with distributor, direct sales, and online channels growing 43.65%, 53.54%, and 140.33% YoY respectively in Q3 [6] - The company's cost optimization and scale effects have contributed to improved profitability, with gross margin increasing due to lower costs of raw materials such as white sugar [7] - The company has increased advertising and freezer placements to enhance channel and brand building, leading to a slight increase in sales expense ratio [7]

2024年前三季度，东鹏饮料（605499.SH）的业绩延续了一贯的高光表现。 前三季度，公司实现营收125.58亿元，同比增长45.34%；实现归母净利润27.07亿元，同比高增 63.53%。 自10月29日发布三季报以来，东鹏饮料备受机构关注。 海通国际、招商证券等30家券商发布31份研报，看好东鹏饮料投资机会，给予"买入""增持"或者"强烈 推荐"的评级。 从机构对东鹏饮料前三季度的评价来看，对公司品牌、渠道、规模等核心竞争优势，以及深度全国化、 第二曲线加速放量的增长逻辑高度认可。 （CIS）校对：彭其华 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has shown strong growth momentum with a revenue increase of 45.3% year-on-year for Q1-Q3 2024, reaching 12.56 billion yuan, and a net profit increase of 63.5% and 77.3% for the same period [6][10] - The company is expected to maintain high growth due to marketing investments, channel expansion, and a growing target customer base, with the electrolyte water product showing particularly strong sales [9][10] Financial Performance Summary - For Q3 2024, the company reported revenue of 4.69 billion yuan, a year-on-year increase of 47.3%, and a net profit of 980 million yuan, reflecting a year-on-year increase of 78.4% and 86.9% respectively [6][7] - The company's net profit margin improved by 3.64 percentage points year-on-year in Q3 2024, with a gross margin increase of 4.30 percentage points, primarily due to lower raw material costs [8] - The company has adjusted its net profit forecasts for 2024-2026 to 3.363 billion, 4.232 billion, and 5.043 billion yuan respectively, with corresponding EPS of 6.47, 8.14, and 9.70 yuan [6][10] Market and Product Insights - The energy drink segment saw a revenue increase of 31.4% year-on-year, driven by a growing consumer base and effective marketing strategies [7] - The electrolyte water product has experienced a remarkable revenue growth of 292.1% year-on-year, maintaining a strong upward trend since Q2 2024 [7] - Regional performance in Q3 2024 showed significant growth across various markets, with East China and Southwest regions leading with increases of 76.7% and 51.8% respectively [7]

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved significant revenue and profit growth in 2024 Q1-Q3, with revenue reaching 12.558 billion yuan (+45.34% YoY) and net profit attributable to parent company reaching 2.707 billion yuan (+63.53% YoY) [3] - In Q3 2024, the company's revenue was 4.668 billion yuan (+47.29% YoY), with net profit attributable to parent company reaching 977 million yuan (+78.42% YoY) [3] - The company's second curve products, particularly "Dongpeng Bula," showed explosive growth, with Q1-Q3 revenue reaching 1.211 billion yuan (+292.11% YoY) and Q3 revenue accounting for 61% of the total [4] - The company is making significant progress in national expansion, with all regions outside Guangdong achieving over 40% YoY growth in Q3 2024 [4] Financial Performance - The company's gross profit margin improved to 45.05% in Q1-Q3 2024 (+2.53pct YoY) and 45.81% in Q3 2024 (+4.29pct YoY) [5] - Net profit margin increased to 21.56% in Q1-Q3 2024 (+2.40pct YoY) and 20.85% in Q3 2024 (+3.64pct YoY) [5] - The company's expense control improved, with sales/management/R&D/financial expense ratios decreasing in Q1-Q3 2024 [5] Future Outlook - The company is expected to achieve revenue of 16.18 billion yuan (+43.7% YoY) in 2024, 20.74 billion yuan (+28.1% YoY) in 2025, and 25.25 billion yuan (+21.8% YoY) in 2026 [6] - Net profit is forecasted to reach 3.24 billion yuan (+58.9% YoY) in 2024, 4.28 billion yuan (+32.1% YoY) in 2025, and 5.34 billion yuan (+24.7% YoY) in 2026 [6] - The company will continue to improve its national production and sales network, strengthen channel penetration, and actively develop other health-functional beverages [6] Market Performance - The company's stock showed strong performance with absolute gains of 12.38%, 22.07%, and 20.17% over 1M, 2M, and 3M respectively [2] - Relative gains were 7.32%, 4.92%, and 4.69% over the same periods [2]

Investment Rating - The report maintains an "Overweight" rating for the company [4] Core Views - The company's Q3 2024 net profit attributable to shareholders increased by 78.42% YoY, with further acceleration compared to Q2 2024 [2] - Revenue for Q1-Q3 2024 reached RMB 12.558 billion, a 45.34% YoY increase, with net profit attributable to shareholders at RMB 2.707 billion, up 63.53% YoY [1][2] - The company's performance exceeded expectations, driven by strong growth in core products and new product lines [2][5] Channel Performance - The company implemented a refined channel strategy, expanding nationwide sales channels, leading to growth in new products like the 500ml Gold Bottle and "Dongpeng Hydration" [2] - Revenue from Guangdong region, national region, and national direct sales for Q1-Q3 2024 were RMB 3.427 billion, RMB 7.329 billion, and RMB 1.774 billion, respectively, with YoY growth rates of 19.65%, 55.10%, and 69.87% [2] - The Southwest and North China regions showed particularly strong growth, with revenues of RMB 1.366 billion and RMB 1.503 billion, up 67.07% and 83.54% YoY, respectively [2] Product Performance - Core product Dongpeng Special Drink generated RMB 10.507 billion in revenue for Q1-Q3 2024, a 31.43% YoY increase [2] - Dongpeng Hydration revenue reached RMB 1.211 billion, up 292.11% YoY, accounting for 9.66% of total revenue [2] - Other beverage products grew by 145.43% YoY to RMB 812 million, contributing 6.48% to total revenue [2] Profitability and Cost Management - Gross margin for Q1-Q3 2024 was 45.05%, up 2.53 percentage points YoY, driven by lower raw material costs [5] - The company effectively controlled expenses, with sales, management, R&D, and financial expense ratios decreasing to 16.42%, 2.44%, 0.40%, and -1.07%, respectively [5] - Net profit margin improved to 21.56%, up 2.40 percentage points YoY [5] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be RMB 16.418 billion, RMB 23.071 billion, and RMB 31.136 billion, with YoY growth rates of 45.77%, 40.52%, and 34.96%, respectively [3][5] - Net profit attributable to shareholders is forecasted to be RMB 3.328 billion, RMB 4.438 billion, and RMB 5.907 billion for 2024E, 2025E, and 2026E, respectively [3][5] - EPS for 2024E, 2025E, and 2026E is expected to be RMB 6.40, RMB 8.53, and RMB 11.36, respectively [3][5] Strategic Development - The company is transitioning from a single-category focus to a multi-category comprehensive beverage group, with strategic synergies in electrolyte drinks, tea-based drinks, coffee-based drinks, and pre-mixed alcoholic beverages [5] - The company continues to strengthen its brand reputation through advertising and channel refinement, particularly in Guangdong, while expanding its national market presence [5]