证券代码：605499 证券简称：东鹏饮料 公告编号：2024-087 东鹏饮料（集团）股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 09 月 30 日(星期一)上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 董事长、总裁：林木勤先生，董事会秘书：张磊先生，财务总监：彭得新先 生，独立董事：游晓女士。（如遇特殊情况，参加人员将有所调整） 四、投资者参加方式 投资者可于 2024 年 09 月 23 日(星期一 ...

[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 09 月 09 日 [Table_Title] 逆势高增，补水啦放量 ——东鹏饮料 2024 年中报点评 [Table_Summary] 事件 公司公告 2024 年中报。24H1，公司实现总营收 78.73 亿元，同比+44.19%， 归母净利 17.31 亿元，同比+56.17%，扣非归母净利 17.07 亿元，同比+72.34%。 24Q2，公司实现总营收 43.91 亿元，同比+47.88%，归母净利 10.67 亿元，同 比+74.62%，扣非归母净利 10.82 亿元，同比+101.51%。 东鹏特饮、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，东鹏补水啦快速增长。24H1，东鹏特饮/补水啦/其他饮 料收入为 68.55/4.76/5.31 亿元，同比+33.49%/+281.12%/+172.16%。24Q2， 东鹏特饮实现收入 37.54 亿元，同比+36.42%，补水啦及其他饮料收入合计实 现收入 6.30 亿 ...

东鹏饮料（集团）股份有限公司 2024 年第三次临时股东大会会议资料 二〇二四年九月 2024 年第三次临时股东大会会议议程 一、会议召开情况 （一）召开时间：2024 年 9 月 18 日（星期三）15:00； （二）召开地点：公司二楼 VIP 会议室（地址：深圳市南山区桃源街道珠 光北路 88 号明亮科技园 3 栋东鹏饮料）； （三）召开方式：现场； 东鹏饮料（集团）股份有限公司 2024 年第三次临时股东大会 目录 | | | 目录 2 | | --- | --- | --- | | 2024 | 年第三次临时股东大会会议议程 | 1 | | 2024 | 年第三次临时股东大会会议须知 | 3 | | 2024 | 年第三次临时股东大会会议议案 | 4 | | | 议案一、关于 2024 | 年半年度利润分配及资本公积转增股本预案的议案 ...4 | | | 议案二、关于增加 2024 | 年度申请银行综合授信额度的议案 5 | 东鹏饮料（集团）股份有限公司 2024 年第三次临时股东大会 东鹏饮料(集团)股份有限公司 （四）召集人：董事会； （五）主持人：董事长林木勤先生； （六）参会人员：股权登记日 ...

证券代码：605499 证券简称：东鹏饮料公告 编号：2024-085 东鹏饮料（集团）股份有限公司 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、施罗德交银理财有限 公司、华夏银行股份有限公司、兴业银行股份有限公司、华泰证券(上海）资产 管理有限公司； 2.本次委托理财金额：合计 90,000.00 万元； 3.委托理财产品类型：理财、资管计划； 4.委托理财期限：28 天、30 天、90 天、 6 个月、209 天、736 天； 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 内择机购买理财产品，购买原则为安全性高、流动性好，使用期限自股东大会审 议通过之日起至 2024 年年度股东大会召开之日止，在上述使用期限及额度范围 内，资金可 ...

证券研究报告 2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|---------------| | 当前价格（元） | 227.94 | | 52 周价格区间（元） | 162.67-239.88 | | 总市值（百万） | 91178.30 | | 流通市值（百万） | 91178.30 | | 总股本（万股） | 40001.00 | | 流通股（万股） | 40001.00 | 涨跌幅比较 东鹏饮料 饮料乳品 -17% -7% 3% 13% 23% 33% 2023-08 2023-11 2024-02 2024-05 % 1M 3M 12M 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 东鹏饮料 -2.09 5.27 23.97 饮料乳品 -6.27 -18.67 -16.28 1 东鹏饮料（605499.SH）年报及一季报点评： 势能不减，持续高增 2024-05-09 公司点评 东鹏饮料(605499.SH) 食品饮料｜ 饮料乳品 规模效应显现，业绩 ...

核心观点 ⚫ 公司发布 2024 年半年报，上半年实现营业收入 78.7 亿元（yoy+44.2%）；实现归 母净利润 17.3 亿元（yoy+56.2%）。单二季度来看，公司实现营业收入 43.9 亿元 （yoy+47.9%），实现归母净利润 10.7 亿元（yoy+24.3%），业绩增长强劲。 ⚫ 东鹏特饮大单品强势增长，补水啦打开第二增长曲线。分产品来看，24H1 东鹏特饮 实现收入 68.6 亿元（yoy+33.5%），补水啦实现收入 4.76 亿元（yoy+281%）。分 地区来看，24H1 广东/华东/华中/广西/西南/华北/线上分别实现收入 21.1 /11.6 /10.7 /5.6 / 9.2 /9.9 /1.9 亿元，分别同比增长 12.5% /53.6% /51.7% /9.5% /75.5% /99.0% / 93.8%，华北、西南地区以及线上高增，预计受益于网点开拓、线上布局、新品带 动、高温天气动销加速等。截至 24H1 末，公司在广东/华东/华中/广西/西南/华北/直 营及线上分别拥有经销商 256 /287/ 387/ 119/ 444/ 873/ 616 家，分别环比 24Q1 ...

Investment Rating - The report assigns an initial "Buy" rating for Dongpeng Beverage [1][3]. Core Views - Dongpeng Beverage is a leading player in the energy drink sector, having transformed from a struggling state-owned enterprise to a market leader through strategic marketing and product differentiation [2][10]. - The energy drink industry is experiencing high growth potential, with a compound annual growth rate (CAGR) of 15.02% from 2014 to 2019, indicating a robust market outlook [2][28]. - The company has established a multi-category strategy, "1+6", which includes energy drinks, electrolyte water, ready-to-drink coffee, and sugar-free tea, positioning itself as a comprehensive beverage group [2][39]. Summary by Sections Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 155.1 billion, 194.4 billion, and 235.3 billion CNY, with year-on-year growth rates of 37.72%, 25.30%, and 21.05% respectively [1][3]. - Net profit forecasts for the same period are 30.0 billion, 40.5 billion, and 50.7 billion CNY, with growth rates of 47.05%, 34.99%, and 25.26% [1][3]. - The current price-to-earnings (P/E) ratios are projected at 31.25, 23.15, and 18.48 for 2024, 2025, and 2026 respectively [1][3]. Industry Overview - The energy drink sector is characterized by high concentration, with the top five players holding a market share of 84.2% by retail volume in 2023 [28][31]. - The market for energy drinks is expanding, with a retail scale reaching 552.8 billion CNY in 2023, reflecting a 25% increase from 2019 [28][29]. - The industry is in a growth phase, with energy drinks becoming a mainstream product rather than a niche market, appealing to a broader consumer base [34][36]. Company Strategy and Market Position - Dongpeng Beverage has successfully penetrated the energy drink market by leveraging cost-effective packaging and targeted marketing strategies aimed at blue-collar workers [2][16]. - The company has achieved significant terminal coverage, exceeding 3 million points, with a goal of reaching 4 million, enhancing its sales capabilities [3][10]. - The introduction of the "Brew Water" electrolyte drink has seen a remarkable growth of over 280% in the first half of 2024, showcasing the effectiveness of its multi-category strategy [2][39].

[Table_RightTitle] 证券研究报告|食品饮料 [Table_Title] 渠道、产品建设成果斐然，业绩保持高增长 [Table_StockName] ——东鹏饮料（605499）点评报告 [Table_ReportDate] 2024 年 09 月 03 日 [Table_Summary] 报告关键要素: 2024 年 8 月 31 日，公司发布 2024 年半年度报告。2024 年上半年，公 司实现营收 78.73 亿元（同比+44.19%），归母净利润 17.31 亿元（同 比+56.17%），扣非归母净利润 17.07 亿元（同比+72.34%）。其中， 2024Q2 实现营收 43.91 亿元（同比+47.88%），归母净利润 10.67 亿元 （同比+74.62%），扣非归母净利润 10.82 亿元（同比+101.51%）。 证 券 研 究 报 告 公司点评报告 公司研究 3235 投资要点: ⚫ 公司 2024 年上半年营业收入高达 78.73 亿元，2024Q2 业绩增速环比明 显提升。2024 年上半年，公司实现营收 78.73 亿元（同比+44.19%）， 归母净利润 17. ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company has shown robust growth in the first half of 2024, with a focus on expanding its market presence beyond Guangdong while solidifying its core energy drink segment. The diversification of its product matrix and multi-channel promotion strategies have fostered consumer trust and repeat purchases. The company is transitioning from a single-category to a multi-category beverage group, with projected revenues of 15.345 billion, 19.486 billion, and 23.217 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 36.25%, 26.98%, and 19.15% [3][4] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 7.873 billion yuan, a year-on-year increase of 56.17%. The net profit attributable to shareholders was 1.731 billion yuan, up 72.34% year-on-year, with a significant increase in the second quarter [2][3] - The core product, Dongpeng Energy Drink, continued to grow steadily, with a revenue increase of 33.49% year-on-year, while the new product line, Dongpeng Water, expanded rapidly, contributing 476 million yuan in revenue [2][3] Revenue and Profit Forecast - The company forecasts revenues of 11.263 billion yuan for 2023, with a growth rate of 32.4%, and expects to reach 15.345 billion yuan in 2024, with a growth rate of 36.2% [4][5] - The net profit attributable to shareholders is projected to be 2.040 billion yuan in 2023, increasing to 2.895 billion yuan in 2024, reflecting a growth rate of 41.6% [4][5] Profitability Metrics - The gross margin is expected to improve from 43.1% in 2023 to 45.5% in 2026, while the net margin is projected to rise from 18.1% to 20.4% over the same period [6] - The return on equity is forecasted to be 32.3% in 2023, increasing to 38.1% by 2026, indicating strong profitability [6] Cash Flow and Financial Health - The company is expected to generate operating cash flow of 3.281 billion yuan in 2023, increasing to 6.469 billion yuan by 2026, demonstrating strong cash generation capabilities [7] - The total assets are projected to grow from 14.710 billion yuan in 2023 to 22.769 billion yuan in 2026, indicating a solid financial position [5][7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 7.873 billion yuan (up 44.19% year-on-year) and net profit at 1.731 billion yuan (up 56.17% year-on-year) [5][6] - The company is transitioning from a functional beverage focus to a comprehensive beverage group, implementing a multi-category strategy [6][8] - The "East Peng Water" product line has shown rapid growth, with revenue increasing by 281.12% year-on-year, indicating a successful second growth curve [8] Financial Performance - For the first half of 2024, the company achieved a gross profit margin increase of 1.50 percentage points due to lower raw material costs, leading to a gross profit increase of 49.20% year-on-year [5] - The company expects revenues of 15.531 billion yuan, 20.066 billion yuan, and 25.488 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.056 billion yuan, 4.108 billion yuan, and 5.413 billion yuan [7][11] - The earnings per share (EPS) are projected to be 7.64 yuan, 10.27 yuan, and 13.53 yuan for 2024, 2025, and 2026 respectively [11] Market Strategy - The company has expanded its sales network, reaching over 3.6 million active terminal stores nationwide, with a significant increase in revenue from both online and direct sales channels [9][10] - The marketing strategy includes high-frequency advertising and promotional activities, particularly during peak travel seasons, to enhance brand visibility [9] - The company is leveraging digitalization to improve inventory management, sales execution, and consumer engagement, which is seen as a core competitive advantage [10][11]