Investment Rating - Maintains an "Overweight" rating with a target price of 271.18 RMB [3][5] Core Views - The company's performance exceeded expectations, with significant growth in new products and a well-established national expansion strategy [3][12] - Revenue for H1 2024 reached 7.9 billion RMB, a 44% YoY increase, while net profit attributable to shareholders grew by 56% YoY to 1.7 billion RMB [3][12] - The company's "1+6" product diversification strategy is progressing steadily, with non-energy beverage revenue increasing by 6.94 percentage points to 12.81% of total revenue [3][12] - National market revenue outside Guangdong and Guangxi regions surged, contributing 65.95% of total revenue, up 9.43 percentage points YoY [3][12] - The number of terminal outlets exceeded 3.6 million, a 9.09% increase from the end of 2023 [3][12] Financial Performance - Gross margin for H1 2024 reached 44.6%, up 1.5 percentage points YoY, with Q2 gross margin at 46.05%, up 3.3 percentage points YoY [13] - Net profit margin for H1 2024 was 21.98%, up 1.69 percentage points YoY, with Q2 net profit margin at 24.29%, up 3.72 percentage points YoY [13] - Sales, management, R&D, and financial expense ratios decreased by 0.25, 0.55, 0.09, and 1.23 percentage points, respectively [13] Product and Channel Development - The energy drink category, led by Dongpeng Special Drink, grew by 33.5% YoY, driven by increased consumer demand for anti-fatigue products [12] - The new product "Hydration Drink" (补水啦) saw explosive growth, with revenue increasing by 281.1% YoY, becoming the company's second growth curve [12][13] - The company's channel strength continues to improve, with expanded terminal outlets and enhanced frozen product layouts during the summer peak season [13] Market and Valuation - The company's market capitalization stands at 91.178 billion RMB, with a total of 400 million shares outstanding [6] - The stock price range over the past 52 weeks was 162.67-239.88 RMB [6] - The company's P/E ratio for 2024E is 32.25, with an expected EPS of 7.07 RMB [4][5] Future Outlook - The company is expected to maintain strong growth, with projected revenue of 15.523 billion RMB in 2024, a 37.8% YoY increase [4] - Net profit attributable to shareholders is forecasted to reach 2.828 billion RMB in 2024, a 38.6% YoY increase [4] - The company's ROE is expected to rise to 36.0% in 2024, up from 32.3% in 2023 [4]

股票投资评级 买入|维持 个股表现 -31% -26% -21% -16% -11% -6% -1% 4% 9% 14% 19% 2023-09 2023-11 2024-01 2024-04 2024-06 2024-08 东鹏饮料 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |---------------------------|-----------------| | | | | 最新收盘价（元） | 227.94 | | 总股本 / 流通股本（亿股） | 4.00 / 4.00 | | 总市值 / 流通市值（亿元） | 912 / 912 | | 52 周内最高 / 最低价 | 239.88 / 162.67 | | 资产负债率 (%) | 57.0% | | 市盈率 | 44.70 | | | | 第一大股东 林木勤 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 东鹏饮料(605499) 表现强劲，利润超预告上限 ⚫ 事件 公司2024年上半年实现营业总收入/营业收入/归母净利润/ ...

Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage (605499.SH) [5] Core Views - Dongpeng Beverage continues to show strong performance with a revenue increase of 44.19% year-on-year in H1 2024, reaching 7.873 billion yuan, and a net profit growth of 56.14%, amounting to 1.731 billion yuan [5][6] - The company is effectively implementing a multi-category strategy and expanding its national presence, with significant revenue growth in various regions [6][7] - Cost pressures are easing, leading to improved profitability, with gross margins increasing to 44.6% in H1 2024 [6][7] Summary by Sections Financial Performance - In H1 2024, Dongpeng Beverage achieved a revenue of 7.873 billion yuan, up 44.19% year-on-year, and a net profit of 1.731 billion yuan, up 56.14% [5] - For Q2 2024, the company reported a revenue of 4.391 billion yuan, a 47.88% increase year-on-year, and a net profit of 1.067 billion yuan, up 74.62% [5] Product Strategy - The company’s core product, Dongpeng Energy Drink, generated revenues of 6.86 billion yuan in H1 2024, reflecting a 33.5% increase [6] - New product lines, such as Dongpeng Water, saw a remarkable revenue increase of 281.12%, contributing to 6.05% of total revenue [6] Regional Performance - Revenue growth was notable across various regions, with the East China region growing by 53.6% and the North China region by 99.1% [6] - The company’s dealer network expanded to 2,982, covering over 3.6 million active retail outlets nationwide [6] Profitability Metrics - Gross margins improved to 44.6% in H1 2024, benefiting from lower raw material costs [6] - The net profit margin reached a historical high of 22.0% in H1 2024, up 1.7 percentage points year-on-year [6] Future Outlook - The report projects revenue growth for 2024-2026, estimating revenues of 15.341 billion yuan, 19.357 billion yuan, and 22.866 billion yuan, representing year-on-year growth rates of 36.2%, 26.2%, and 18.1% respectively [7][9] - The forecast for net profit is set at 2.894 billion yuan, 3.753 billion yuan, and 4.571 billion yuan for the same period, with corresponding growth rates of 41.9%, 29.7%, and 21.8% [7][9]

Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage (605499.SH) with a current price of 227.94 CNY [1]. Core Views - Dongpeng Beverage continues to show strong revenue growth, with a 44.2% year-on-year increase in revenue for the first half of 2024, reaching 7.873 billion CNY, and a 56.2% increase in net profit, amounting to 1.731 billion CNY [1][2]. - The company is transitioning towards becoming a comprehensive beverage group, leveraging the strong performance of its flagship product, Dongpeng Special Drink, and the rapid growth of its new product, Dongpeng Water [2]. - The company is expanding its market presence in first- and second-tier cities in China and is also looking to increase its influence in overseas markets [2]. Summary by Sections Revenue and Profit Performance - In the first half of 2024, Dongpeng Special Drink generated 6.855 billion CNY in revenue, a 33.5% increase year-on-year, while Dongpeng Water achieved 476 million CNY, marking a 281.1% increase [1]. - The revenue breakdown shows that Dongpeng Special Drink accounted for 87.2% of total revenue, while Dongpeng Water's share increased to 6.05% [1]. Product Strategy - The company is actively enhancing its product offerings, including the introduction of new products like sugar-free tea and coffee beverages, which are aimed at capturing a broader consumer base [1][2]. - The multi-category strategy has proven effective, as evidenced by the significant revenue growth in other beverage categories, which saw a 172.2% increase [1]. Market Expansion - Dongpeng Beverage's revenue from various regions in the first half of 2024 showed significant growth, with the Southwest and North China regions experiencing increases of 75.6% and 99.1%, respectively [1]. - The company is focusing on expanding its distribution network, with a notable increase in the number of active retail outlets to over 3.6 million [1]. Financial Forecasts - The report projects net profits for 2024, 2025, and 2026 to be 2.877 billion CNY, 3.720 billion CNY, and 4.439 billion CNY, respectively, reflecting an upward revision of previous estimates [2][3]. - The earnings per share (EPS) for the same years are forecasted to be 7.19 CNY, 9.30 CNY, and 11.10 CNY, with corresponding price-to-earnings (P/E) ratios of 32x, 25x, and 21x [2][3].

主要观点： [Table_Summary] 公司发布 24 年半年报： Q2：收入 43.9 亿元（+47.9%），归母净利润 10.7 亿元 （+74.6%），扣非归母净利润 10.8 亿元（+101.5%）； H1：收入 78.7 亿元（+44.2%），归母净利润 17.3 亿元 （+56.2%），扣非归母净利润 17.1 亿元（+72.3%）； 此外派发中期股息 2.5 元/股共 10 亿元，分红率 57.8%（去年中期 未分红）； 此前已发预告，利润达预告上限。 收入分析：主业+新品双超预期 主业 Q2 加速：Q2 特饮收入占比 84%，收入同比+36%（Q1+30%/ 23Q4 +32%，收入增长加速）。Q2 广东/ 华东/ 华中/ 广西/ 西南/ 华 北/ 直营/ 线上收入同比+15%/ 58%/ 49%/ 19%/ 81%/ 102%/ 76%/ 95%。主业超预期核心拉动是冰柜投放及网点开拓。 新品 Q2 放量：Q2 新品收入占比 16%（Q1 占 11%），收入同比 +270%贡献增量（Q1+257%，23Q1-Q4 +14%/ 193%/ 325%/ 253%连续翻倍）。H1 中补水啦（占 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a revenue of 7.873 billion RMB in H1 2024, representing a year-on-year increase of 44.19%, and a net profit attributable to shareholders of 1.731 billion RMB, up 56.17% year-on-year [2]. - In Q2 2024, the company reported revenue of 4.391 billion RMB, a 47.88% increase year-on-year, and a net profit of 1.067 billion RMB, which is a 74.62% increase year-on-year, aligning with the upper limit of previous forecasts [2]. - The expansion of the consumer base for functional beverages and the unexpected growth in electrolyte water contributed significantly to the performance [2]. Summary by Sections Business Performance - The revenue from functional beverages in Q2 2024 was 3.754 billion RMB, a 36.4% increase year-on-year, driven by an increase in consumer reach and drinking frequency [2]. - Revenue from distribution and direct sales channels in Q2 2024 was 3.735 billion RMB and 521 million RMB, respectively, with year-on-year increases of 43.3% and 78.4% [2]. - The number of terminal outlets increased to 3.6 million, a 6% increase from the end of 2023 [2]. - Revenue growth in key regions such as East China and Southwest China was particularly strong, with increases of 58.1% and 80.6% year-on-year, respectively [2]. Financial Metrics - The gross margin and net margin for Q2 2024 were 46.05% and 24.29%, respectively, reflecting improvements of 3.3 and 3.72 percentage points year-on-year [2]. - The increase in gross margin was attributed to accelerated sales of electrolyte water and the release of scale effects [2]. - The company’s contract liabilities stood at 2.501 billion RMB, accounting for 31.77% of sales revenue, a decrease of 2.14 percentage points year-on-year [2]. Future Outlook - The company is expected to achieve net profits of 2.91 billion RMB, 3.73 billion RMB, and 4.66 billion RMB for the years 2024 to 2026, representing year-on-year growth rates of 43%, 28%, and 25%, respectively [2]. - The report highlights the potential for continued high growth in performance, supported by the expansion of the functional beverage market and the development of new product lines such as sugar-free tea and coconut juice [2].

东鹏饮料（605499.SH）2024 年中报点评 高增长势能延续，中期分红提高股东回报 2024 年 08 月 31 日 ➢ 事件：公司发布 2024 年中报，24H1，公司实现总营收 78.73 亿元，同比 +44.19%；归母净利润 17.31 亿元（业绩预告 16-17.3 亿元），同比+56.17%， 扣非归母净利 17.07 亿元（业绩预告 15.5-16.8 亿元），同比+72.34%；业绩超 此前业绩预告。单 Q2 看，公司实现营收 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%。 ➢ 补水啦增长显著，持续推进全国化发展。分产品看，24H1，东鹏特饮/其他 饮料分别实现营收 68.55 /10.7 亿 元 ，同比 +33.49%/+214.67% ，占比 87.19%/12.81%；其中补水啦实现营收 4.76 亿元，同比+281.12%。单 Q2 东 鹏特饮/其他饮料分别实现营收 37.54 /6.30 亿元，同比+36.42%/+193.83%， 占比 85.63%/14.37%。24H1，公 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company continues to demonstrate strong performance with significant revenue growth and enhanced profitability, driven by effective channel expansion and product diversification [2][5] - The company is successfully implementing a multi-category strategy, aiming to become a comprehensive beverage group, with a focus on increasing market share in the energy drink sector and rapid growth in new products like electrolyte water [5] Summary by Sections Financial Performance - For H1 2024, total revenue reached 78.73 billion yuan, a year-on-year increase of 44.19%, with net profit attributable to shareholders at 17.31 billion yuan, up 56.17% [2] - The gross margin for H1 2024 was 44.60%, an increase of 1.50 percentage points year-on-year, while the net margin was 21.98%, up 1.69 percentage points [2] - Operating cash flow for H1 2024 was 22.67 billion yuan, a 74.68% increase year-on-year [2] Product and Market Expansion - The company reported strong sales growth across its main products, with revenue from Dongpeng Special Drink, Dongpeng Water, and other beverages reaching 68.55 billion yuan, 4.76 billion yuan, and 5.31 billion yuan respectively, reflecting year-on-year increases of 33.5%, 281.1%, and 172.2% [2][3] - The company is expanding its consumer base through product diversification, including new flavors and packaging for its water products, and targeting younger demographics with new brand initiatives [3][4] Channel Development - The company is successfully advancing its national strategy, with revenue from various regions showing significant growth, particularly in the Southwest and North China regions, with increases of 75.6% and 99.1% respectively in H1 2024 [4] - The company has strengthened its distribution network, with a total of 2,982 distributors and coverage of over 3.6 million effective terminals, reaching over 210 million unique consumers [4] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 7.37 yuan, 9.56 yuan, and 12.23 yuan respectively, with corresponding price-to-earnings (PE) ratios of 31, 24, and 19 [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 263.52 [1]. Core Insights - The company has shown strong growth momentum, with 24H1 revenue and net profit increasing by 44.2% and 56.2% year-on-year, respectively. The second quarter of 2024 also demonstrated robust performance, with revenue and net profit growing by 47.9% and 74.6% year-on-year [2][3]. - The company's flagship product, Dongpeng Special Drink, continues to perform well, achieving revenue of RMB 68.5 billion in H1 2024, a year-on-year increase of 33.5%. The new product line "Bushuila" is expected to contribute significantly to revenue growth [2][3]. - The gross profit margin improved by 1.5 percentage points to 44.6% in H1 2024, driven by cost reductions and economies of scale [4]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of RMB 78.7 billion, net profit attributable to the parent company of RMB 17.3 billion, and net profit excluding non-recurring items of RMB 17.1 billion, reflecting year-on-year growth of 44.2%, 56.2%, and 72.3%, respectively [2]. - For Q2 2024, revenue reached RMB 43.9 billion, with net profit attributable to the parent company at RMB 10.7 billion, marking a year-on-year increase of 47.9% and 74.6% [2]. Product Performance - Dongpeng Special Drink and other beverages achieved revenues of RMB 68.5 billion and RMB 10.1 billion in H1 2024, representing year-on-year growth of 33.5% and 214.7%, respectively [3]. - The new product "Bushuila" is expected to exceed the annual sales target of RMB 1 billion due to strong channel replenishment and rapid expansion [3]. Cost and Profitability - The gross profit margin for H1 2024 was 44.6%, an increase of 1.5 percentage points year-on-year, attributed to favorable cost conditions and rapid revenue growth [4]. - The net profit margin for H1 2024 increased by 1.7 percentage points to 22.0%, with Q2 2024 showing a further increase of 3.7 percentage points to 24.3% [4]. Future Outlook - The company is expected to maintain strong growth momentum, with projected EPS of RMB 7.32, RMB 9.53, and RMB 12.10 for 2024, 2025, and 2026, respectively [5]. - The target price of RMB 263.52 reflects a PE ratio of 36x for 2024, considering a net profit CAGR of 33% from 2024 to 2026, which is significantly higher than the average of comparable companies [5].

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | |-------------------------|-------------------| | 行业 | 食品饮料 | | 公司网址 | www.szeastroc.com | | 大股东 / 持股 | 林木勤 /49.74% | | 实际控制人 | 林木勤 | | 总股本 ( 百万股 ) | 400 | | 流通 A 股 ( 百万股 ) | 400 | | | | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 912 | | 流通 A 股市值 ( 亿元 ) | 912 | | 每股净资产 ( 元 ) (%) | 17.66 62.1 | | 资产负债率 | | 行情走势图 东鹏饮料(605499.SH) 增长势头不减，业绩表现优秀 股价:227.94元 证券分析师 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn ...