证券研究报告 东鹏饮料 (605499 CH) Q2 业绩大幅超预期,成长势能强劲 投资评级(维持): 买入 目标价(人民币): 263.53 华泰研究 公告点评 2024 年 7 月 10 日│中国内地 饮料 Q2 业绩大幅超预期,成长势能强劲 公司预计 24H1 收入 78.6-80.8 亿,同比+44.0-48.0%;归母净利润 16.0-17.3 亿,同比+44.4%-56.1%;扣非净利润 15.5-16.8 亿,同比+56.5%-69.6%。 其中 24Q2 预计收入 43.8-46.0 亿,同比+47.4%-54.8%;归母净利 9.4-10.7 亿,同比+53.2%-74.5%;扣非归母净利 9.3-10.6 亿,同比+72.3%-96.5%, 大幅超预期(我们前瞻预计 24Q2 收入/利润同比+35%/+35%)。东鹏特饮 百亿收入后增势仍充足、全国化顺利推进,Q2 动销持续旺盛、渠道库存维 持在合理较低水平,同时公司积极探索多品类,第二曲线"补水啦"旺季持 续爬坡、贡献收入增量。预计 24-26 年 EPS 为 7.32/9.53/12.10 元,参考可 比 24 年平均 21x PE(W ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 07 月 10 日 [Table_Title] Q2 预告超预期,数字化赋能网点增长 [Table_Title2] 东鹏饮料(605499) | | | | | |------------------|--------|-------------------------|-------------| | [Table_DataInfo] | | | 605499 | | 上次评级: 增持 | | 52 周最高价/最低价(元): | 228.5/162.9 | | 目标价格(元): | | | 841.94 | | 最新收盘价(元): | 210.48 | 自由流通市值(亿元) | 841.94 | | | | 自由流通股数(百万) | 400.01 | [Table_Summary] 事件概述 公司发布业绩预告,24H1 预计实现收入 78.6-80.8 亿元,同比+44.0%-48.0%;归母净利 16.0-17.3 亿 元,同比+44.4%-56.1%;扣非归母净利 15.5-16.8 亿元,同比+56.5%-69.6%。24Q2 预计实 ...

Investment Rating - Maintains an "Overweight" rating [3][5] Core Views - The company's 2024H1 performance exceeded expectations, with revenue projected to be between RMB 7.86 billion and RMB 8.08 billion, a year-on-year increase of 43.95% to 47.98% [3][8] - Net profit attributable to the parent company is expected to be between RMB 1.6 billion and RMB 1.73 billion, a year-on-year increase of 44.39% to 56.12% [3][8] - The energy drink segment continues to gain market share, while the new product "Bushuila" has seen significant growth, becoming the company's second growth curve [3][8] - The scale effect of new products has driven further improvement in profitability, with the net profit margin for 2024Q2 estimated to be between 20.36% and 24.35% [3][8] Financial Summary - Revenue for 2024E is projected to be RMB 15.523 billion, a year-on-year increase of 37.8% [4] - Net profit attributable to the parent company for 2024E is expected to be RMB 2.828 billion, a year-on-year increase of 38.6% [4] - EPS for 2024E is forecasted to be RMB 7.07, a year-on-year increase of 39% [3][4] - ROE for 2024E is projected to be 36.4% [4] Market Performance - The stock price range over the past 52 weeks is between RMB 162.67 and RMB 230.95 [6] - The total market capitalization is RMB 84.194 billion [6] - The current price is RMB 210.48, with a target price of RMB 271.18 [5] Industry Analysis - The company operates in the food and beverage/consumer staples sector [4] - The energy drink segment benefits from the trend of faster-paced lifestyles, while the new product "Bushuila" caters to the increasing health demands for electrolyte replenishment [3][8] Financial Forecast - Revenue for 2026E is projected to be RMB 24.038 billion, with a year-on-year increase of 23.2% [4] - Net profit attributable to the parent company for 2026E is expected to be RMB 4.61 billion, with a year-on-year increase of 26.4% [4] - EPS for 2026E is forecasted to be RMB 11.52, with a year-on-year increase of 26% [3][4]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 1,600 million and 1,730 million yuan, an increase of 491.88 million to 621.88 million yuan compared to the same period last year, representing a growth rate of 44.39% to 56.12%[1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 1,550 million and 1,680 million yuan, an increase of 559.54 million to 689.54 million yuan compared to the same period last year, with a growth rate of 56.49% to 69.62%[2]. - The company anticipates operating revenue for the first half of 2024 to be between 7,860 million and 8,080 million yuan, an increase of 2,399.82 million to 2,619.82 million yuan compared to the same period last year, reflecting a growth rate of 43.95% to 47.98%[3]. - The net profit for the same period last year was 1,108.12 million yuan, and the net profit after deducting non-recurring gains and losses was 990.46 million yuan[2]. Strategic Implementation - The company continues to implement a national strategy, enhancing channel management and increasing product exposure to drive sales[3]. - There are no significant impacts from non-operating gains and losses on the company's performance[3]. - The company confirms that there are no major uncertainties affecting the accuracy of this performance forecast[4]. - The data provided is preliminary and subject to change upon the official release of the 2024 semi-annual report[4].

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 证券代码：605499 证券简称：东鹏饮料 公告编号：2024-066 2.本次委托理财金额：合计 82,000.00 万元； 3.委托理财产品类型：大额存单、理财； 4.委托理财期限：3 年、2 年、1 年、8 个月、最低持有 7 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，资金可以循环滚动使用。 股东大会授权公司董事长或董事长指定的授权代理人，在授权额度范围内行 使该项投资决策权并签署相关合同文件，授权期限自 202 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2024-064 东鹏饮料（集团）股份有限公司 关于与云南滇中新区管理委员会签署投资协议的进展公告 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。 重要内容提示： 投资项目名称：东鹏饮料昆明生产基地项目 本项目投资额：建设项目总投资 100,000 万元人民币，其中固定资产投 资 80,000 万元人民币。 本次对外投资事项不构成关联交易，不构成重大资产重组情形。本次投资 已经由公司第三届董事会第七次会议审议通过，本次对外投资事项在董事会权限 范围内，无需提交公司股东大会审议。 风险提示：投资协议书中的投资规模、建设周期等均为计划数或预计数， 所涉建设项目的土地面积、建设周期、业务开展尚存在不确定性，存在一定市场 风险、经营风险、政策风险和投资后未达预期收益等风险。 一、对外投资概述 （一）基本情况 根据公司整体经营发展战略规划，东鹏饮料（集团）股份有限公司(以下称 "公司"）拟与云南滇中新区管理委员会（以下称"滇中新区管委会"）签订《东 鹏饮料昆明生产基地项目投资协议书》 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2024-065 东鹏饮料（集团）股份有限公司 股东天津君正创业投资合伙企业（有限合伙） 减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 减持计划的主要内容 君正投资因自身资金需求，计划以集中竞价交易方式和大宗交易方式减持公 司合计不超过 12,000,300 股股份，即不超过公司总股本的 3％（若计划减持期 间有派息、送股、资本公积金转增股本、配股等除权除息事项，拟减持股份数量 和减持价格将相应进行调整），本次减持将在本减持计划公告之日起十五个交易 日后的 3 个月内进行,其中通过集中竞价交易方式减持股份不超过公司总股本的 1.00%，通过大宗交易方式减持股份不超过公司总股本的 2.00%。 公司于 2024 年 7 月 1 日收到君正投资的《减持计划告知函》，现将有关情 况公告如下： 一、减持主体的基本情况 | 股东名称 | 股东身份 | 持股数量 | 持股比 | 当前持股股份来源 | | | --- | ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2024-063 东鹏饮料（集团）股份有限公司 关于2024年度"提质增效重回报"行动方案的公告 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。 在中国资本市场不断发展向好的今天，东鹏饮料（集团）股份有限公司（以 下简称"公司"或"东鹏饮料"）秉承"以投资者为本"的发展理念，积极响应 上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，践 行以"投资者为中心"的发展理念，为推动公司高质量发展和投资价值提升，切 实履行上市公司责任，维护全体股东利益，共同促进资本市场平稳健康发展，公 司制定了2024年度"提质增效重回报"行动方案，本方案旨在进一步提升公司治 理水平，增强核心竞争力，确保股东利益最大化，以实现公司的长期可持续发展。 一、行动方案目标 （一）提升公司治理水平：确保决策过程透明、高效，加强内部控制和风险 管理。 （二）加强产品研发和市场竞争力：确保产品创新与市场需求同步，提升产 品竞争力。 （三）优化成本结构：提高运营效率，实现利润最大化。 （四）增 ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company plans to establish a production base in Kunming, Yunnan, with a total investment of 1 billion yuan, aiming to enhance its market share in the Southwest region and improve transportation efficiency [1] - The Southwest region currently accounts for a lower revenue share compared to other growing regions, indicating potential for growth [1] - The establishment of the Yunnan base is expected to strengthen the growth of the company's specialty drinks and diversify its product offerings by leveraging local agricultural advantages [1] - The company anticipates a high growth rate in the specialty drink segment, with projected revenue growth rates of 32.42%, 30.87%, 25.07%, and 22.10% from 2023 to 2026 [1][2] Summary by Sections Company Overview - The company is focusing on deepening its presence in the Southwest market, which has a large population and significant growth potential [1] - The establishment of the Kunming base is expected to alleviate capacity pressure from the Chongqing subsidiary, which is currently operating at a 93% utilization rate [1] Financial Projections - Projected revenues for 2023, 2024, 2025, and 2026 are 11,262.79 million yuan, 14,740.00 million yuan, 18,435.32 million yuan, and 22,509.52 million yuan respectively [2] - Net profit forecasts for the same years are 2,039.77 million yuan, 2,729.31 million yuan, 3,449.48 million yuan, and 4,321.40 million yuan [2] - The company expects a significant increase in earnings per share (EPS) from 5.10 yuan in 2023 to 10.80 yuan in 2026 [2] Market Outlook - The company is well-positioned to benefit from favorable weather conditions and a strong product matrix, which is expected to drive sales growth in the upcoming seasons [1] - The company is also focusing on expanding its product categories, including tea and coffee, to enhance its competitive edge [1]

会议由监事会主席余斌先生主持。会议召开符合有关法律、法规、规章和 《公司章程》的规定。 证券代码：605499 证券简称：东鹏饮料 公告编号 2024-060 东鹏饮料（集团）股份有限公司 第三届监事会第七次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 东鹏饮料（集团）股份有限公司（以下简称"公司"）第三届监事会第七次 会议于 2024 年 6 月 25 日（星期二）在公司二楼 VIP 会议室以现场结合通讯的方 式召开。会议通知已于 2024 年 6 月 20 日通过邮件的方式送达各位监事。本次会 议应出席监事 3 人，实际出席监事 3 人。 1 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见在上海证券交易所网站（http://www.sse.com.cn）上披露的 《关于拟签署投资协议暨设立全资子公司的公告》。 二、监事会会议审议情况 （一）审议通过《关于部分募投项目延期的议案》 监事会认为：本次部分募投项目延期不存在改变或变相改变募集资金用途和 损害股东利益的情形，不会对公 ...