华福证券 软饮料 2024年04月22日 公 司 东鹏饮料（605499.SH） 持有（维持评级） 研 究 双轮驱动高增延续，区域扩张初显成效 当前价格： 195.60元 目标价格： 214.61元 事件：东鹏饮料发布2024年第一季度报告，公司24Q1实现营收34.82亿 元，同比增长39.8%，实现归母净利润6.64亿元，同比增长33.51%，实现 基本数据 扣非归母净利润6.24亿元，同比增长37.76%。 总股本/流通股本(百万股) 400.01/159.27 流通A股市值(百万元) 31,153.38  功能饮料基本盘与新品第二曲线双重高增，区域扩张初显成效 每股净资产(元) 15.81 资产负债率(%) 57.01 2024年第一季度，公司在持续精耕广东市场的同时积极开拓全国 一年内最高/最低价(元) 201.00/150.57 市场，500ml金瓶及补水啦等新品销售持续提升，未来公司仍将进一 一年内股价相对走势 步完善销售网络布局，加强渠道建设，逐步向全国区域推广新品，同 公 时积极研发新品满足消费者多元化需求。 司 1）拆分产品来看，公司东鹏特饮/其他饮料收入分别为31.01/3.77 财 ...

公[Ta司ble点_He评ad●er] 饮料乳品 2024年 04 月22 日 [Table_Title] [Table_StockCode] 东鹏饮料(605499) 24Q1 顺利开门红，关注旺季动销催化 [Table_InvestRank] 推荐 (维持) --2024 年一季报点评 核心观点： 分析师 [⚫T able事_S件u：mm4a月ry]2 2 日，公司发布公告，24Q1 实现收入 34.8 亿元，同比+39.8%；实 [刘Ta光b意le_ Authors] ：021-20252650 现归母净利润6.6亿元，同比+33.5%。 ：liuguangyi_yj@chinastock.com.cn ⚫ 特饮景气高+新品势能强，收入顺利实现开门红。24Q1 收入同比+39.8%，较 分析师登记编码：S0130522070002 去年同期明显提速，现金回款与合同负债亦实现高增，验证下游真实景气度，主 要得益于：1）提前开启 2024 财年，发货与网点开发节奏明显加快；2）渠道下 沉红利持续释放；3）春节出行旺盛叠加气温偏高，同时公司提前布局返乡专案 与“鹏击行动”刺激动销。分品类，24Q1 东鹏特 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2024-040 东鹏饮料(集团)股份有限公司 第三届董事会第五次会议决议公告 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。 一、董事会会议召开情况 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 《2024 年第一季度报告》。 表决结果：9 票同意，0 票反对，0 票弃权。本议案获得通过。 本议案已经公司董事会审计委员会全体成员审议通过并同意提交董事会审 议。 （二）审议通过《关于拟签署投资协议暨设立全资子公司的议案》 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》。 表决结果：9 票同意，0 票反对，0 票弃权。本议案获得通过。 东鹏饮料(集团)股份有限公司（以下简称"公司"）第三届董事会第五次会 议于 2024 年 4 月 22 日（星期一）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 4 月 17 日通过 ...

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。 东鹏饮料（集团）股份有限公司(以下简称"公司")根据上海证券交易所《上 市公司行业信息披露指引第十二号——酒制造》的有关规定，现将公司 2024 年 第一季度主要经营数据公告如下： 证券代码：605499 证券简称：东鹏饮料 公告编号：2024-043 东鹏饮料(集团)股份有限公司 2024 年第一季度主要经营数据的公告 注释 1：直营包括全国直营客户及广东省南区特通渠道及餐饮渠道。 (三) 主营业务按区域分部分类情况 单位：万元 币种：人民币 | 区域 | 2024 年一季度 | | 2023 | 年一季度 | 同比增长 | | --- | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 占比 | 幅度 | | 1 广东区域 | 92,129.09 | 26.49% | 84,177.46 | 33.82% | 9.45% | | 2 全国营销本部 | 214,291.49 | 61.62% | 141,715.43 | 56. ...

4、本次投资设立全资子公司不属于关联交易，不构成重大资产重组。 重要内容提示： 1、本次投资事项已经公司第三届董事会第五次会议审议通过，无需提交股 东大会审议。 2、截至本公告披露之日，该全资子公司尚未设立，全资子公司的名称、注 册地址、经营范围等信息最终尚需取得当地市场监督管理部门批准。 3、本次设立全资子公司符合公司战略发展规划，但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。 证券代码：605499 证券简称：东鹏饮料 公告编号：2024-042 东鹏饮料（集团）股份有限公司 关于拟签署投资协议暨设立全资子公司的公告 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个别及连带责任。 一、拟设立全资子公司概述 1、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"）拟与中山市华南现代中医药城发展有限公司签订《投资协议书》，投 资项目为"东鹏饮料集团中山生产基地项目"。为此，公司拟在中山市翠亨新区 1 拟设子公司的名称：中 ...

Financial Performance - The company's revenue for Q1 2024 reached CNY 3,482,167,762.79, representing a year-on-year increase of 39.80%[3] - Net profit attributable to shareholders for Q1 2024 was CNY 663,880,398.30, up 33.51% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 624,426,053.36, reflecting a 37.76% increase year-on-year[3] - Basic earnings per share for Q1 2024 were CNY 1.6597, which is a 33.51% increase compared to the same period last year[3] - The company's net profit margin for Q1 2024 was approximately 22.6%, compared to 20.0% in Q1 2023[22] - In Q1 2024, Dongpeng Beverage reported a net profit of CNY 663.88 million, a 33.4% increase from CNY 497.25 million in Q1 2023[23] - The total comprehensive income for Q1 2024 was CNY 664.40 million, compared to CNY 488.73 million in Q1 2023, marking a 36% increase[24] Cash Flow and Assets - The net cash flow from operating activities for Q1 2024 was CNY 859,544,401.77, an increase of 18.72% from the previous year[3] - Cash and cash equivalents as of the reporting period amounted to RMB 7,053.72 million, up from RMB 6,057.69 million in the previous year[17] - The net cash flow from operating activities was CNY 859.54 million, an increase of 18.7% from CNY 723.99 million in the previous year[26] - Cash and cash equivalents at the end of Q1 2024 totaled CNY 3.97 billion, a significant increase from CNY 1.31 billion at the end of Q1 2023[27] - The company reported a decrease in cash outflows from investing activities, with a net cash flow of CNY -190.16 million compared to CNY -1.10 billion in Q1 2023[26] - Dongpeng Beverage's cash inflow from financing activities was CNY 2.15 billion, an increase from CNY 1.41 billion in the previous year[27] Operating Costs and Expenses - The company's operating costs increased by 41.67%, driven by sales growth[7] - Total operating costs for Q1 2024 were ¥2,694,283,711.06, up 41.3% from ¥1,907,811,429.42 in Q1 2023[22] - Sales expenses surged by 52.53%, primarily due to increased investment in freezers[7] - The company incurred a total operating profit of CNY 834.72 million, up 30.2% from CNY 640.89 million in the same quarter last year[23] Assets and Equity - Total assets at the end of Q1 2024 amounted to CNY 15,816,284,627.50, a 7.52% increase from the end of the previous year[4] - The company's total assets increased to ¥15,816,284,627.50, up from ¥14,710,049,912.67 year-over-year, representing a growth of 7.5%[21] - Shareholders' equity attributable to the parent company was CNY 6,988,160,838.27, reflecting a 10.51% increase year-on-year[4] - The total equity attributable to shareholders increased to ¥6,988,160,838.27, up from ¥6,323,757,848.37, indicating a growth of 10.6%[21] Revenue Breakdown - The company's main business revenue for Q1 2024 reached RMB 347,758.62 million, a year-on-year increase of 39.73% compared to RMB 248,874.54 million in Q1 2023[11] - Revenue from the Guangdong region grew by 9.45% year-on-year, while national revenue increased by 51.21%, and direct sales revenue surged by 79.87%[11] - The main product, Dongpeng Special Drink, accounted for 89.16% of total revenue in Q1 2024, down from 95.76% in the same period last year[12] - Other beverages' revenue share increased from 4.24% to 10.84%, with Dongpeng Water and Dongpeng Daka contributing 6.92% to total revenue[12] Market Strategy - The company plans to enhance its national sales network and strengthen channel construction to support market supply and promote new products[12] - The company continues to focus on the Guangdong market while actively expanding into the national market[11] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,571, with the largest shareholder holding 49.74% of the shares[13] Tax and R&D Expenses - The company reported a tax expense of ¥36,832,629.60 for Q1 2024, compared to ¥25,100,383.23 in Q1 2023, reflecting a rise of 46.7%[22] - Research and development expenses for Q1 2024 were ¥11,066,111.35, slightly up from ¥10,372,748.19 in Q1 2023[22] Investment Income - The company reported a decrease of 55.04% in investment income, mainly due to reduced returns from bank wealth management products and large certificates of deposit[7]

证券代码：605499 证券简称：东鹏饮料 公告编号 2024-041 东鹏饮料（集团）股份有限公司 第三届监事会第五次会议决议公告 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"）第三届监事会第五次 会议于 2024 年 4 月 22 日（星期一）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 4 月 17 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。 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。 二、监事会会议审议情况 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）披露的 《2024 年第一季度报告》。 （二）审议通过《关于拟签署投资协议暨设立全资子公司的议案》 监事会认为，公司本次投资事项符合现阶段公司业务发展需要及远期战略发 展规划，投资资金为公司自有或自筹资金 ...

Investment Rating - Buy rating (first coverage) [1][2] Core Views - The company's second growth curve, including electrolyte drinks, tea drinks, pre-mixed alcohol, and ready-to-drink coffee, has shown strong performance [1] - The company's flagship product, Dongpeng Special Drink, accounts for 91.87% of revenue, with a growth rate of 26.48% [1] - Other beverage products, including Dongpeng Water and Dongpeng Coffee, account for 5.11% of revenue, with a growth rate of 186.65% [1] - The company's main sales regions are Guangdong, East China, Central China, North China, Guangxi, and Southwest China, accounting for 86.98% of revenue [1] - The company's gross profit margin increased by 0.74 percentage points to 43.07% in 2023, mainly due to lower raw material costs [1] - The company's net profit margin increased by 1.17 percentage points to 18.11% in 2023, reflecting improved profitability [1] - The company's market share in the energy drink market increased from 36.70% in 2022 to 43.02% in 2023, maintaining its leading position [2] Financial Performance - Revenue in 2023 was RMB 11.263 billion, a year-on-year increase of 32.42% [1] - Net profit attributable to shareholders in 2023 was RMB 2.040 billion, a year-on-year increase of 41.60% [1] - Adjusted net profit attributable to shareholders in 2023 was RMB 1.870 billion, a year-on-year increase of 38.29% [1] - Revenue in Guangdong region was RMB 3.761 billion, accounting for 33.44% of total revenue, with a year-on-year growth of 12.14% [1] - Revenue growth in North China, East China, and Southwest China regions was 64.83%, 48.41%, and 64.71% respectively [1] - Sales through distribution channels accounted for 86.74% of revenue, with a growth rate of 28.72% [1] Future Projections - Revenue is expected to reach RMB 14.487 billion in 2024, RMB 18.010 billion in 2025, and RMB 22.248 billion in 2026, with year-on-year growth rates of 28.6%, 24.3%, and 23.5% respectively [2] - Net profit attributable to shareholders is expected to reach RMB 2.656 billion in 2024, RMB 3.291 billion in 2025, and RMB 4.078 billion in 2026, with year-on-year growth rates of 30.2%, 23.9%, and 23.9% respectively [2] - The company's PE ratio is expected to be 29.1X in 2024, 23.5X in 2025, and 19.0X in 2026 [2] Market Position - Dongpeng Special Drink ranked first in sales volume in the Chinese energy drink market in 2023, with a market share of 43.02% [2] - Dongpeng Special Drink ranked second in sales value in the Chinese energy drink market in 2023, with a market share of 30.94% [2]

在当前“千茶大战”的市场环境下,无糖茶饮料已成为各大饮料企业必争的“热土”。作为国内知名的多品 类饮料企业,东鹏饮料正紧密跟进市场趋势,并通过与实力企业、科研机构合作共建研究中心,深入探索茶 叶深加工及无糖茶饮品开发,借力科技创新,强化产品研发实力。 东鹏饮料“乌龙上茶” 近日,东鹏饮料宣布与浙江天草生物科技股份有限公司、安徽农业大学国家重点实验室合作,共建“茶叶深 加工及饮品开发联合研究中心”,旨在整合上下游资源,推动茶叶精深加工技术突破,为其布局高附加值的 无糖茶饮料赛道提供持续动力,助力其在“千茶大战”中抢占先机。 事实上,东鹏饮料对无糖茶赛道的关注并非临时起意。早在2023年第三季度,就推出了“鹏友上茶”系列*无 糖茶——乌龙上茶。2024年又陆续推出普洱和茉莉花茶等新口味,试水多元化的无糖茶品类。 鹏友上茶系列产品 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In 2023, the company achieved total revenue of 11.263 billion yuan, representing a year-on-year increase of 32.42%. The net profit attributable to shareholders was 2.04 billion yuan, up 41.6%, while the net profit after deducting non-recurring items was 1.87 billion yuan, an increase of 38.29% [5][6] - For Q4 2023, the company reported total revenue of 2.622 billion yuan, a growth of 40.88%, with a net profit of 384 million yuan, up 39.69% [5][6] - The company is focusing on expanding its second curve products, with significant growth in electrolyte water and plans to launch new products such as unsweetened tea and pre-mixed drinks in 2024 [5][6] Revenue Breakdown - Revenue by product category in 2023: - Dongpeng Special Drink: 10.336 billion yuan (+26.48%) - Other beverages: 914 million yuan (+186.65%) [5] - Revenue by region in 2023: - Guangdong: 3.761 billion yuan (+12.14%) - East China: 1.516 billion yuan (+48.41%) - Central China: 1.4 billion yuan (+32.84%) - Guangxi: 983 million yuan (+9.82%) - Southwest: 1.115 billion yuan (+64.71%) - North China: 1.01 billion yuan (+64.83%) [5] Profitability Analysis - In 2023, the net profit margin increased by 1.17 percentage points to 18.11%, and the gross profit margin rose by 0.75 percentage points to 43.07% [6] - For Q4 2023, the net profit margin decreased slightly by 0.12 percentage points to 14.65%, while the gross profit margin increased by 0.52 percentage points to 44.9% [6] Future Outlook - The company aims for a revenue and profit growth target of 20% for 2024, with expectations of achieving net profits of 2.616 billion yuan and 3.277 billion yuan in 2024 and 2025, respectively [6]