[Table_Stock] 东鹏饮料（605499） 全国化势能向上，多品类携手共进 证 券 研 ——东鹏饮料 2023年年报点评 究 报 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 告 事件概述 [行Ta业bl:e _Indu食 st品ry]饮 料 4月14日，公司发布2023年年报，公司营业收入 112.63 亿元，同比增 日期: s 20h2z4q年da0t4e月m1a6r日k 长 32.42%；归母净利润20.40 亿元，同比增长 41.60%；扣非归母净 利润18.70亿元，同比增长38.29%。其中，单Q4营业收入26.22亿 [T分ab析le师_A: utho王r]慧 林 元，同比增长40.88%；归母净利润3.84亿元，同比增长39.69%；扣 Tel: 15951919467 非归母净利润3.68亿元，同比增长27.72%。 E-mail: wanghuilin@shzq.com SAC编号: S0870524040001 核心单品表现优异多品类齐头并进，市占率持续提升。公司主力大单 联系人: 袁家岗 品东鹏特饮表现优异，23 年全年营收 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 11.26 billion yuan in 2023, representing a year-on-year growth of 32.4%, and a net profit attributable to shareholders of 2.04 billion yuan, up 41.6% year-on-year [2] - The company plans to distribute 25 yuan per 10 shares to all shareholders [2] - The company aims for a revenue and net profit growth rate of no less than 20% in 2024 [2][3] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 2.62 billion yuan, a year-on-year increase of 40.9%, and a net profit of 380 million yuan, up 39.7% [2] - The gross profit margin for the year was 43.1%, an increase of 0.75 percentage points year-on-year [2] - The net profit margin improved to 18.1%, up 1.2 percentage points year-on-year [2] Revenue Structure - Revenue from the main product, Dongpeng Special Drink, was 10.34 billion yuan, growing by 26.5%, while other beverages generated 910 million yuan, a significant increase of 187% [2] - Revenue by region showed strong performance, with notable growth in the Southwest (64.7%) and North China (64.8%) [2] Cost and Profitability - The company experienced a decrease in raw material costs, contributing to an overall improvement in profitability [2] - The financial forecast estimates net profits of 2.66 billion yuan, 3.32 billion yuan, and 4.07 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 6.65 yuan, 8.30 yuan, and 10.19 yuan [3][11] Growth Strategy - The company is diversifying its product offerings with new launches in hydration drinks, electrolyte beverages, sugar-free tea, coffee, and pre-mixed cocktails [2] - The company has established nine production bases across China and is enhancing its production and sales coordination capabilities [2]

Investment Rating - The investment rating for the company is "Add" [6][13]. Core Insights - In 2023, the company achieved a revenue of 11.263 billion yuan, a year-on-year increase of 32.42%, and a net profit attributable to shareholders of 2.040 billion yuan, up 41.60% year-on-year [3][4]. - The company plans to distribute a cash dividend of 25 yuan per 10 shares to all shareholders [3]. - The company is focusing on a national expansion strategy while continuing to strengthen its core market in Guangdong, with significant growth in sales from new product launches [4][10]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 2.622 billion yuan, a year-on-year increase of 40.88%, and a net profit of 384 million yuan, up 39.69% year-on-year [3][4]. - The gross profit margin for 2023 was 43.07%, an increase of 0.74 percentage points year-on-year, attributed to lower raw material costs [10]. Product and Market Development - The core product, Dongpeng Special Drink, generated a revenue of 10.336 billion yuan, a year-on-year increase of 26.48%, while other beverages saw a revenue increase of 186.65% to 914 million yuan [4]. - The company’s market share in the energy drink segment increased, with sales volume share rising from 36.70% at the end of 2022 to 43.02% in 2023 [4]. Future Projections - The company aims for a revenue and net profit growth of over 20% in 2024, with projected net profits of 2.557 billion yuan, 3.200 billion yuan, and 3.883 billion yuan for 2024, 2025, and 2026 respectively [10][11]. - The earnings per share are expected to be 6.39 yuan, 8.00 yuan, and 9.71 yuan for the same years [11].

食品饮料 公 2024年04月15日 司 报 东鹏饮料(605499.SH) 告 第二曲线增长亮眼，正在向多品类的综合性饮料集团发展 推荐 ( 维持 ) 事项： 公司发布2023年年报，全年实现营业收入112.63亿元，同比增长32.42%；归 股价:184.78元 母净利润20.40亿元，同比增长41.60%。其中23Q4实现营业收入26.22亿元， 公 主要数据 同比增长40.88%；归母净利润3.84亿元，同比增长39.69%。拟向全体股东每 行业 食品饮料 司 10股派25元（含税）。 ...

证券研究报告：食品饮料 | 公司点评报告 2024年4月15日 股票投资评级 东鹏饮料(605499) 买入|维持 2023 高增收官，战略再升级，冲刺 200 亿 个股表现 ⚫ 投资要点 公司发布 2023 年年报，全年实现营业总收入/归母净利润/扣非 东鹏饮料 食品饮料 净利润 112.63/20.4/18.7 亿元，同比+32.42%/+41.6%/+38.29%，整 7% 4% 体表现符合此前预告，且均接近此前预告上限。 1% -2% -5% -8% ⚫ 核心要点 -11% 特饮大单品受益全国化扩张保持良好增长势头；其他饮料表现亮 -14% -17% 眼，其中电解质饮料补水啦带动下，第二成长曲线延续高增长。分产 -20% -23% 品看，2023年公司能量饮料/其他饮料分别实现营收103.36/9.14亿 2023-04 2023-06 2023-09 2023-11 2024-01 2024-04 元，同比+26.48%/+186.65%。公司 Q4 淡季仍取得高增长，我们认为 资料来源：聚源，中邮证券研究所 主要由于公司特饮大单品增长势头不减，同时补水啦淡季不淡，带动 公司营收持续高增。公司单 Q ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong financial performance in 2023, with Q4 revenue of 2.62 billion (up 41%) and net profit of 380 million (up 40%) [1] - The company anticipates a year of significant new product launches, with the flagship product, Dongpeng Special Drink, achieving over 10 billion in revenue [1][2] - The company is accelerating its national expansion, with revenue growth in various regions significantly outpacing overall growth [1] Financial Performance Summary - For the full year 2023, the company achieved revenue of 11.26 billion (up 32%) and net profit of 2.04 billion (up 42%) [1] - The gross margin for 2023 was 43.1%, with a slight increase expected in the coming years [2][4] - The company plans to distribute a dividend of 2.5 per 10 shares, resulting in a payout ratio of 49% [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 14.45 billion, 18.07 billion, and 22.26 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 28.3%, 25.0%, and 23.2% [2] - Net profit is expected to reach 2.65 billion, 3.40 billion, and 4.25 billion for the same years, with growth rates of 30.1%, 28.2%, and 24.8% respectively [2] Market Position and Product Development - Dongpeng Special Drink accounted for 92% of total revenue in 2023, with a market share increase to 43% in volume and 31% in revenue [1] - The company launched new products, including "Brewed Water," which generated over 400 million in revenue, contributing to a 187% increase in other beverage sales [1] - The company is expanding its distribution channels, with active terminals increasing by 13.4% year-on-year [1]

业绩简评 4月 14日公司发布23 年年报，23 年实现营收112.63 亿元，同比 增长+32.4%；实现归母净利润20.4 亿元，同比增长+41.6%；扣非 归母净利润 18.7 亿元，同比增长+38.3%。其中，23Q4 实现营收 26.22 亿元，同比增长+40.9%；实现归母净利润3.84 亿元，同比 增长+39.7%；扣非归母净利润3.68 亿元，同比增长+27.7%。 经营分析 全国化布局+延申第二曲线，Q4 收入延续高增。1）产品端，东鹏 特饮基本盘稳健，第二曲线逐步清晰。能量饮料23 年/23Q4 实现 收入103.36 /23.42 亿元，同比增长+26.5%/+31.5%；其他饮料中 电解质水、乌龙茶等新品加大铺市力度，其他饮料23年/23Q4 实 现收入9.14/2.75 亿元，同比增长+185.1%/+252.6%，Q4 淡季表现 亮眼。2）渠道端，公司持续推进全国化战略，23年终端网点数量 340 万家，净增 40 万家。23 年广东/华东/华中/广西/西南/华北 人民币(元) 成交金额(百万元) 收入分别同比增长+12.1%/+48.4%/32.8%/9.8%/64.7%/64. ...

证券研究报告 公 2024年04月15日 司 报 告 东鹏饮料(605499) │ 行 业： 食品饮料/饮料乳品 公 投资评级： 买入（维持） 司 当前价格： 184.78元 年 业绩增长超预期，第二曲线成长可期 目标价格： 223.48元 报 点 事件： 评 基本数据 公司发布 2023 年年报，公司 2023 年营收 112.63 亿元，同增 32.42%；归 总股本/流通股本(百万股) 400.01/159.27 母净利润20.40亿元，同增41.60%；扣非净利润18.70亿元，同增38.29%。 流通A股市值(百万元) 29,430.07 其中2023年第四季度营收26.22亿元，同增40.88%；归母净利润3.84亿 每股净资产(元) 15.81 元，同增39.69%；扣非净利润3.68亿元，同增27.72%。 资产负债率(%) 57.01 ➢ 核心产品稳健增长，第二曲线表现亮眼 一年内最高/最低(元) 201.00/150.57 分产品看，主营业务中东鹏特饮2023年营收103.36亿，同增26.48%，其 他饮料营收9.14亿，同增186.65%，东鹏特饮收入占比为91.87%，其他饮 股价相 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company demonstrated impressive performance with significant revenue and profit growth, maintaining its leading position in the market [2][4] - The company’s total operating revenue for 2023 reached 11.26 billion yuan, a year-on-year increase of 32.42%, while the net profit attributable to shareholders was 2.04 billion yuan, up 41.6% year-on-year [2][5] - The company is expected to continue enhancing its market share in the energy drink sector while achieving rapid growth in new products, establishing a second growth curve [5] Summary by Sections Performance Highlights - The company reported a total operating revenue of 11.26 billion yuan in 2023, with a year-on-year growth of 32.42% and a net profit of 2.04 billion yuan, reflecting a 41.6% increase [2][5] - The gross margin and net margin for 2023 were 43.07% and 18.11%, respectively, showing stable improvement [2][4] - Cash flow from operations increased significantly to 3.28 billion yuan, a year-on-year growth of 61.95% [2][4] Product and Market Development - The company’s flagship product, Dongpeng Special Drink, maintained double-digit growth with a sales volume increase of 28.24% [2][4] - New product launches, including electrolyte drinks and sugar-free tea, have shown strong sales performance, contributing to overall revenue growth [3][4] - The company has expanded its distribution channels, with revenue from direct sales channels growing by 71.39% in 2023 [4] Financial Forecast - The company is projected to achieve earnings per share (EPS) of 6.48 yuan, 8.02 yuan, and 9.68 yuan for the years 2024, 2025, and 2026, respectively [5][6] - The expected growth rates for main revenue and net profit for 2024 are 26.6% and 27.1%, respectively [6][7]

程毅，男，1973年出生，中国国籍，无境外永久居留权。毕业于南开大学暨 澳大利亚菲林得斯大学国际经贸关系专业，硕士研究生。现任中国饮料工业协会 副理事长兼秘书长。自2022年1月起任公司独立董事。 2024年2月1日，公司第二届董事会任期届满。公司召开2024年第一次临时股 东大会实施换届选举。换届后，本人不再担任公司独立董事。 二、关于独立性说明 东鹏饮料（集团）股份有限公司 2023 年度的独立董事履职情况报告 作为东鹏饮料（集团）股份有限公司（以下简称"公司"）的独立董事，2023 年度我严格按照《中华人民共和国公司法》、《上海证券交易所上市公司自律监管 指引第1号——规范运作》、《上市公司治理准则》等有关法律法规、规范性文件 及《公司章程》、《公司独立董事工作制度》的规定和要求，忠实、勤勉地履行了 独立董事的职责，谨慎、认真、恰当地行使了独立董事的职权，积极出席相关会 议，认真审议各项议案，并对相关事项发表独立意见，切实维护了公司利益和股 东尤其是中小股东的合法权益，现将2023年度履职情况述职如下： 一、基本情况 作为公司的独立董事，本人具有履行独立董事职责所必需的专业能力和工作 经验，具备法律法规 ...