Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index [6][11]. Core Views - The company achieved significant growth in 2024, with revenue, net profit, and net profit after deducting non-recurring items reaching 15.84 billion, 3.33 billion, and 3.26 billion yuan respectively, representing year-on-year increases of 41%, 63%, and 74% [1]. - The company is well-positioned for continued growth in 2025, driven by strong performance in the electrolyte water segment and a robust national distribution strategy [4]. - The company has successfully expanded its product offerings and market presence, with a notable increase in market share for its flagship product, Dongpeng Special Drink, which now holds a 34.9% market share [2]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.28 billion yuan, net profit of 620 million yuan, and net profit after deducting non-recurring items of 600 million yuan, with year-on-year growth rates of 25%, 61%, and 63% respectively [1]. - The company’s revenue from energy drinks reached 13.3 billion yuan in 2024, up 28% year-on-year, while electrolyte water revenue surged by 280% to 1.5 billion yuan, increasing its share from 3% to 9% [2]. Cost and Profitability - The company experienced a 7.6% decrease in unit costs in 2024, primarily due to lower prices for raw materials such as white sugar and PET packaging, contributing to a 1.75 percentage point increase in gross margin [3]. - The company’s net profit margin improved by 4.0 percentage points year-on-year, reflecting effective cost management and operational efficiency [3]. Growth Prospects - The company is expected to maintain high growth rates in the coming years, with projected net profits of 4.45 billion, 5.63 billion, and 6.91 billion yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 33.9%, 26.4%, and 22.7% [4][5]. - The company is actively exploring international markets and diversifying its product portfolio, including the launch of new health-oriented beverages [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][11] Core Views - The company is expected to achieve significant revenue and profit growth, with projected revenues of 158.39 billion yuan in 2024, increasing to 202.85 billion yuan in 2025, representing a growth rate of 40.63% [3][11] - The company has established a dual-engine growth model with its energy drink and electrolyte drink products, contributing to a strong market presence [4][8] - The company plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its capital strength and international brand image [9] Company Overview - The company reported a total revenue of 158.39 billion yuan in 2024, with a net profit of 33.27 billion yuan, reflecting a year-on-year growth of 63.09% [3][11] - The company’s main products, including Dongpeng Energy Drink and the newly launched electrolyte drink "Bushi La," have shown strong sales growth, with revenue contributions of 133.04 billion yuan and 14.95 billion yuan respectively in 2024 [4][5] - The company has a robust distribution network with over 3,000 distributors and nearly 4 million active retail outlets, contributing to its revenue growth [6][8] Financial Performance - The company’s gross margin improved to 44.81% in 2024, driven by lower raw material costs and increased interest income from deposits [7][11] - The company expects to maintain a net profit growth rate of no less than 20% in 2025, with projected net profits of 44.61 billion yuan [10][11] - The financial forecast indicates a steady increase in revenue and net profit from 2025 to 2027, with revenues reaching 299.26 billion yuan by 2027 [11][13]

Investment Rating - The report maintains a "Buy" rating for the company [2][11] Core Views - The company is expected to achieve significant revenue and profit growth, with projected revenues of 158.39 billion yuan in 2024, representing a year-on-year increase of 40.63% [3][11] - The company has established a dual-engine growth model with its energy drinks and electrolyte beverages, contributing to its rapid revenue growth [4][8] - The company plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its capital strength and international brand image [9] Company Overview - The latest closing price is 228.95 yuan, with a total market capitalization of 119.1 billion yuan [2] - The company has a total share capital of 5.20 billion shares and a debt-to-asset ratio of 57.0% [2] Financial Performance - In 2024, the company achieved total revenue of 158.39 billion yuan, with a net profit of 33.27 billion yuan, reflecting a year-on-year increase of 63.09% [3][11] - The gross margin for 2024 is projected to be 44.81%, with a net profit margin of 21.00% [6][7] - The company expects to maintain a net profit growth rate of no less than 20% in 2025 [10][11] Market Expansion - The company has seen strong growth in various regions, with revenue from Guangdong, East China, and Southwest China increasing significantly [5] - The company has over 3,000 active distributors and nearly 4 million active retail outlets, indicating robust channel expansion [6] Product Strategy - The company has upgraded its product strategy to a "dual-engine + multi-category" model, focusing on energy drinks and electrolyte beverages while expanding into tea, plant protein, and coffee drinks [8] - The company has successfully launched its electrolyte drink "补水啦," capturing a significant market share in the electrolyte beverage segment [4][8]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 260 yuan [9][34]. Core Views - The company has shown rapid national expansion and is initiating an international strategy, with a significant increase in revenue and profit for 2024 [2][9]. - The company achieved total revenue of 15.839 billion yuan in 2024, a year-on-year increase of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [2][9]. - The report highlights strong cash flow and a substantial increase in sales collections, indicating robust demand and inventory replenishment [9][10]. Financial Performance Summary - Total revenue for 2024 reached 15.839 billion yuan, with a year-on-year growth of 40.63% [2][10]. - The net profit attributable to shareholders was 3.327 billion yuan, reflecting a year-on-year increase of 63.09% [2][10]. - The company plans to distribute dividends of approximately 2.5 yuan per share, with a total payout of around 2.3 billion yuan, resulting in a dividend payout ratio of about 69% [2][9]. Regional Performance Summary - Revenue from Guangdong reached 4.36 billion yuan, with a year-on-year growth of 16.0%, while other regions showed even higher growth rates [9][13]. - The company has expanded its online presence significantly, with a 117% year-on-year increase in online sales [9][10]. - The report notes that the company has increased its distribution network from 3.4 million to nearly 4 million outlets [9][10]. Product Performance Summary - Revenue from energy drinks reached 13.3 billion yuan, with a year-on-year increase of 28.5%, while electrolyte drinks saw a remarkable growth of 280.4% [9][10]. - The company has successfully launched new products, contributing to an increase in revenue share from its new offerings [9][10]. Future Outlook - The company is expected to maintain high growth rates, with projected revenues of 20.149 billion yuan in 2025 and 24.451 billion yuan in 2026, reflecting year-on-year growth rates of 27.2% and 21.3% respectively [10][21]. - The report anticipates continued expansion in both domestic and international markets, with plans for an H-share issuance to support its international strategy [9][10].

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][10]. Core Insights - The company achieved a revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [4][10]. - The company is focusing on a multi-category product matrix to meet diverse consumer demands, with energy drinks being the main revenue source, contributing 13.304 billion yuan, accounting for 84.08% of total revenue [9]. - The company has seen a significant improvement in profit margins due to cost reductions and economies of scale, with a gross margin of 44.81% in 2024, up 1.74 percentage points year-on-year [9]. - The company is expanding its national strategy, with strong growth in regions outside its home base of Guangdong, particularly in North China and Southwest regions, which saw revenue growth of 83.85% and 54.65% respectively [9]. Financial Forecasts - The company is expected to achieve net profits of 4.39 billion yuan, 5.537 billion yuan, and 6.774 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 8.44, 10.65, and 13.03 yuan [10][12]. - The projected P/E ratios for 2025, 2026, and 2027 are 27.1, 21.5, and 17.6 respectively, indicating a favorable valuation trend [10][12]. - The company’s revenue is forecasted to grow to 20.603 billion yuan in 2025, reflecting a year-on-year growth of 30.1% [12].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 15.84 billion yuan, a year-on-year increase of 40.6%, and net profit attributable to shareholders at 3.33 billion yuan, up 63.1% [7] - The company is expected to continue its growth trajectory in 2025, with projected net profit of 4.31 billion yuan, representing a year-on-year growth of 29.5% [7] - The company is focusing on expanding its market share in the energy drink sector and developing a second growth curve with its "Brewed Water" product line [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 11.26 billion yuan - 2024: 15.84 billion yuan - 2025E: 20.43 billion yuan - 2026E: 25.28 billion yuan - 2027E: 30.93 billion yuan - The year-on-year growth rates are 32.4%, 40.6%, 29.0%, 23.7%, and 22.3% respectively [6][9] - Net profit attributable to shareholders is forecasted as follows: - 2023: 2.04 billion yuan - 2024: 3.33 billion yuan - 2025E: 4.31 billion yuan - 2026E: 5.46 billion yuan - 2027E: 6.73 billion yuan - The year-on-year growth rates are 41.6%, 63.1%, 29.5%, 26.6%, and 23.3% respectively [6][9] - The company's gross margin is projected to improve slightly, reaching 45.1% in 2025 [6] Market Performance - The company's stock closed at 228.95 yuan on March 7, 2025, with a market capitalization of 119.06 billion yuan [2] - The price-to-earnings (PE) ratios for the upcoming years are projected to be 28, 22, and 18 for 2025, 2026, and 2027 respectively [7]

Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [1] Core Views - Dongpeng Beverage continues to demonstrate high growth in performance, with total revenue and net profit for 2024 reaching 15.839 billion and 3.327 billion yuan, respectively, representing year-on-year increases of 40.6% and 63.1% [5] - The company is expected to expand its product categories and international presence, particularly targeting the Southeast Asian market [10][11] Summary by Sections Performance Overview - The company's performance aligns with previous forecasts, maintaining a high growth trajectory. In Q4 2024, total revenue and net profit were 3.281 billion and 619 million yuan, respectively, with year-on-year growth of 25.1% and 61.2% [5] - Gross margin and net margin for 2024 were 44.8% and 21.0%, showing improvements of 1.7 and 2.9 percentage points year-on-year [5] Product Growth - Revenue from Dongpeng Special Drink reached 13.304 billion yuan in 2024, up 28.5% year-on-year, with a gross margin increase of 2.9 percentage points to 48.3% [6] - The electrolyte beverage segment saw significant growth, with revenue of 1.495 billion yuan, a 280.4% increase year-on-year, and a market share rise to 6.7% in sales volume [7] Channel Development - Revenue from distribution, direct sales, and online channels for 2024 was 13.607 billion, 1.744 billion, and 445 million yuan, respectively, with notable growth rates of 39.4%, 38.4%, and 117.0% [10] - The company has established a robust distribution network with 3,193 distributors and nearly 4 million retail outlets, facilitating its national expansion [10] Profit Forecast - The report projects EPS for 2025-2027 to be 8.46, 10.78, and 13.26 yuan, with corresponding PE ratios of 27, 21, and 17 times [11]

证券研究报告·公司点评报告·饮料乳品 东鹏饮料（605499） 2024 年年报点评：24 年高质量收官，确定性 与成长性兼具 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11263 | 15839 | 20438 | 25509 | 30259 | | 同比（%） | 32.42 | 40.63 | 29.04 | 24.81 | 18.62 | | 归母净利润（百万元） | 2040 | 3327 | 4479 | 5796 | 7076 | | 同比（%） | 41.60 | 63.09 | 34.64 | 29.39 | 22.09 | | EPS-最新摊薄（元/股） | 3.92 | 6.40 | 8.61 | 11.15 | 13.61 | | P/E（现价&最新摊薄） | 58.37 | 35.79 | 26.58 | 20.54 | 16.83 | [Table_Tag] [Table_Sum ...

业绩简评 3 月 7 日公司发布 24 年年报，24 年实现营收 158.39 亿元，同比 增长+40.6%；实现归母净利润 33.27 亿元，同比增长+63.1%；扣非 归母净利润 32.62 亿元，同比增长+74.48%。其中，24Q4 实现营收 32.81 亿元，同比增长+25.12%；实现归母净利润 6.19 亿元，同比 增长+61.2%；扣非归母净利润 5.99 亿元，同比增长+62.97%。 经营分析 多品类战略布局，全年收入加速扩张。1）产品端，东鹏特饮消费 人群持续扩张，第二曲线拓展网点势能充沛。特饮 24 年/24Q4 实 现收入 133.03 /28.0 亿元，同比增长 28.49%/19.4%；补水啦 24 年/24Q4 实现收入 14.95/2.84 亿元，同比增长 280.37%/101.2%; 无糖茶、椰汁等新品加大铺市力度，其他饮料 24 年/24Q4 实现收 入 10.23/2.1 亿元，同比增长 103.19%/58.0%，Q4 淡季表现亮眼。 2）渠道端，公司持续推进全国化扩张&渠道精耕，24 年底具备 3000 家成熟经销商、近 400 万家有效活跃终端门店，以及超 30 ...

2025 年 03 月 09 日 业绩持续高增，期待品类拓展与出海扩张 —东鹏饮料（605499.SH）公司事件点评报告 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-03-07 | | --- | --- | | 当前股价（元） | 228.95 | | 总市值（亿元） | 1191 | | 总股本（百万股） | 520 | | 流通股本（百万股） | 520 | | 52 周价格范围（元） | 180.41-286 | | 日均成交额（百万元） | 366.66 | 市场表现 -20 0 20 40 60 80 100 120 (%) 东鹏饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《东鹏饮料（605499）：业绩延 续高增态势，出海打开增长空间》 2025-01-21 2、《东鹏饮料（605499）：业绩持 续高增验证，补水啦势能延续》 20 ...