Investment Rating - The report gives a "Buy" rating for Yingpais (002899) based on its potential growth in fitness equipment and AI sports glasses [2][32]. Core Insights - Yingpais focuses on the research, manufacturing, and sales of a full range of fitness equipment, achieving a revenue of 896 million yuan in Q1-Q3 2024, a 36% year-on-year increase [2][32]. - The global fitness equipment market is expected to grow at rates of 3.8%, 3.6%, and 4.2% from 2023 to 2025, with China being a significant market [32]. - The company is expanding its ODM business and has a strong barrier to entry in the export market, with new production capacity supporting growth [32][33]. - The smart sports glasses market is identified as a blue ocean opportunity, with the company collaborating with leading brands to develop products for cycling and fitness [2][34]. Summary by Sections Yingpais Overview - Yingpais is a leader in the domestic fitness industry, focusing on mid-to-high-end products and successfully entering international markets through OEM/ODM partnerships [2][32]. Financial Performance - In 2024, Yingpais is projected to achieve net profits of 120 million, 160 million, and 200 million yuan for the years 2024 to 2026, with corresponding PE ratios of 31X, 24X, and 19X [2][32]. Market Trends - The report highlights the increasing demand for fitness equipment globally, with significant growth in the Chinese market, which reached 26.86 billion yuan in 2022 [32]. Strategic Initiatives - Yingpais is actively pursuing opportunities in the smart sports glasses sector, aiming to leverage AI advancements to enhance product offerings and capture new market segments [2][34].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved a revenue of 15.839 billion yuan, representing a year-on-year increase of 40.6%. The net profit attributable to shareholders was 3.33 billion yuan, up 63.1% year-on-year, while the net profit excluding non-recurring items was 3.26 billion yuan, reflecting a 74.5% increase year-on-year. In Q4 alone, revenue reached 3.28 billion yuan, a 25.1% increase year-on-year, with net profit of 620 million yuan, up 61.2% year-on-year [2][6]. Summary by Sections Financial Performance - The company reported a total revenue of 15.839 billion yuan for 2024, with a gross profit margin of 44.8%, an increase of 1.8 percentage points year-on-year. The net profit margin increased by 2.9 percentage points to 21% [10][14]. - The company’s cash flow from operations grew by 47% year-on-year, with Q4 showing a 74.4% increase, indicating strong product demand [10]. Product Strategy - The company has developed a "Twin Star" product matrix with its two main products, Dongpeng Special Drink and Buliangla, generating revenues of 13.304 billion yuan and 1.495 billion yuan respectively, with year-on-year growth of 28.5% and 280.4% [10]. - The sales proportion of Dongpeng Special Drink increased from 30.9% to 34.9%, while Buliangla's sales proportion rose by 4.1 percentage points to 5.5% [10]. Market Expansion - The company is actively exploring overseas markets, particularly in Southeast Asia and the Middle East, where it aims to leverage its product strength and cost-effectiveness to achieve breakthroughs [10]. - By the end of 2024, the company had nearly 4 million distribution points and over 30,000 freezers, with more than 3,000 distributors, indicating a rich channel resource [10]. Future Outlook - The company forecasts EPS of 8.71 yuan, 11.20 yuan, and 13.93 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26X, 20X, and 16X [10].

Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Views - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, with a net profit of 3.327 billion yuan, up 63.09% year-on-year [1]. - The electrolyte beverage segment saw significant growth, with revenue increasing by 280.37% year-on-year [2]. - The company is planning to issue H shares to support its international business development [4]. Revenue Growth - The company's revenue from energy drinks, electrolyte drinks, and other beverages for 2024 was 13.304 billion, 1.495 billion, and 1.023 billion yuan, respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - Revenue from various channels showed comprehensive growth, with distribution, key accounts, online, and other channels achieving revenues of 13.607 billion, 1.744 billion, 0.445 billion, and 0.026 billion yuan, respectively, with year-on-year growth rates of 37.28%, 57.59%, 116.95%, and -2.48% [3]. - The company’s revenue in Guangdong and nationwide reached 4.360 billion and 9.010 billion yuan, respectively, with year-on-year growth of 15.93% and 49.57% [3]. Profitability Improvement - The company's net profit margin and gross margin for 2024 were 21.00% and 44.81%, respectively, with increases of 2.89 and 1.74 percentage points year-on-year [5]. - In Q4 2024, the net profit margin was 18.88%, reflecting a year-on-year increase of 4.23 percentage points [5]. Future Projections - The company is projected to achieve net profits of 4.350 billion, 5.584 billion, and 6.810 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 30.75%, 28.37%, and 21.95% [6].

Investment Rating - The report maintains a "Buy" rating for the company [6][9] Core Views - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [1] - The energy drink segment continues to show strong momentum, with revenue from energy drinks, electrolyte drinks, and other beverages reaching 13.304 billion, 1.495 billion, and 1.023 billion yuan respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2] - The company is planning to issue H shares to support its international business development and advance its globalization strategy [4] Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 3.281 billion yuan, a year-on-year increase of 25.12%, and a net profit of 619 million yuan, up 61.21% year-on-year [1] - The gross profit margin for 2024 was 44.81%, an increase of 1.74 percentage points year-on-year, while the net profit margin was 21.00%, up 2.89 percentage points year-on-year [5] Revenue Growth - Revenue from various channels showed comprehensive growth, with distribution, key accounts, online, and other channels achieving revenues of 13.607 billion, 1.744 billion, 445 million, and 2.6 million yuan respectively, with year-on-year growth rates of 37.28%, 57.59%, 116.95%, and -2.48% [3] - The company’s revenue from Guangdong province was 4.360 billion yuan, while national revenue reached 9.010 billion yuan, with year-on-year growth rates of 15.93% and 49.57% respectively [3] Future Projections - The company is expected to achieve net profits of 4.350 billion, 5.584 billion, and 6.810 billion yuan for the years 2025, 2026, and 2027, with growth rates of 30.75%, 28.37%, and 21.95% respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Views - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, with a net profit of 3.327 billion yuan, up 63.09% year-on-year [1]. - The electrolyte beverage segment saw significant growth, with revenue increasing by 280.37% to 1.495 billion yuan in 2024 [2]. - The company plans to issue H shares to support its international business development and global strategy [4]. Revenue Growth - Revenue from energy drinks, electrolyte drinks, and other beverages in 2024 was 13.304 billion yuan, 1.495 billion yuan, and 1.023 billion yuan, respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - All major channels experienced revenue growth, with the distribution channel growing by 37.28% to 13.607 billion yuan in 2024 [3]. - The company’s revenue in Guangdong reached 4.360 billion yuan, a year-on-year increase of 15.93%, while national revenue grew by 49.57% to 9.010 billion yuan [3]. Profitability Improvement - The company's net profit margin and gross margin improved to 21.00% and 44.81%, respectively, driven by lower raw material prices and reduced expense ratios [5]. - In Q4 2024, the net profit margin was 18.88%, reflecting a year-on-year increase of 4.23 percentage points [5]. Future Projections - The company is projected to achieve net profits of 4.350 billion yuan, 5.584 billion yuan, and 6.810 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 30.75%, 28.37%, and 21.95% [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Insights - The company achieved a revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.63%, with a net profit of 3.327 billion yuan, up 63.09% year-on-year [9][4]. - The company has made significant progress in its national expansion, with 3,193 distributors and nearly 4 million sales outlets, achieving 100% coverage in prefecture-level cities [9][4]. - The company’s gross margin and net margin for 2024 were 44.81% and 21.00%, respectively, showing improvements of 1.74 and 2.89 percentage points year-on-year [11][4]. Revenue and Profit Forecast - The company is expected to generate total revenue of 20.170 billion yuan, 24.881 billion yuan, and 29.530 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 27.34%, 23.36%, and 18.68% [4][18]. - The forecasted net profit for the same years is 4.406 billion yuan, 5.725 billion yuan, and 7.118 billion yuan, with growth rates of 32.43%, 29.93%, and 24.33% [4][18]. Segment Performance - In 2024, the revenue from different beverage categories was 13.304 billion yuan for functional drinks, 1.495 billion yuan for "Water La," and 1.023 billion yuan for other beverages, with respective growth rates of 28.49%, 280.37%, and 103.2% [10][4]. - The company’s revenue growth varied by region, with notable increases in North China (83.85%) and online sales (116.95%) [10][4]. Cost and Efficiency - The company has optimized its cost structure, with selling, general, and administrative expenses decreasing as a percentage of revenue, contributing to improved profitability [11][4]. - The company’s operating expenses as a percentage of revenue were 16.93% for sales, 2.69% for management, and -1.20% for financial expenses, indicating effective cost management [11][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has established a diversified product matrix with a focus on becoming a leading comprehensive beverage group, enhancing brand value and market competitiveness [6] - The flagship product, Dongpeng Special Drink, has shown steady growth, capturing a 47.9% market share in China's energy drink sector, an increase of 4.9 percentage points year-on-year [6] - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 15.839 billion yuan, a year-on-year growth of 40.63%, and net profit attributable to shareholders of 3.327 billion yuan, up 63.09% [4] Financial Performance - In 2024, the company achieved a gross margin of 44.81%, an increase of 1.74 percentage points year-on-year, primarily due to lower raw material costs [6] - The net profit margin for 2024 was 21.00%, reflecting a year-on-year increase of 2.89 percentage points [6] - The company’s operating cash flow for 2024 was 5.789 billion yuan, a year-on-year increase of 76.44% [4] Market Position and Growth Strategy - The company is focusing on expanding its product categories, including electrolyte drinks, sugar-free tea, and large-packaged beverages, to optimize its product structure [9] - The second growth curve, "Dongpeng Water," has entered the "billion-level product" category, with a sales volume market share of 6.7%, up 5.0 percentage points year-on-year [6] - The company plans to deepen its national and omnichannel strategies while exploring international markets, including setting up a company in Indonesia to meet local demand for high-quality soft drinks [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are 20.456 billion yuan, 25.393 billion yuan, and 30.189 billion yuan, respectively, with year-on-year growth rates of 29.15%, 24.13%, and 18.89% [9] - Net profit projections for the same years are 4.427 billion yuan, 5.657 billion yuan, and 6.901 billion yuan, with growth rates of 33.06%, 27.80%, and 21.99% [9] - The company is expected to maintain a strong return on equity (ROE) of 40.92% in 2025 [9]

涨跌幅比较 | 2025 年 03 月 09 日 | | --- | 评级 买入 评级变动 维持 交易数据 当前价格（元） 228.95 52 周价格区间（元） 180.41-286.00 总市值（百万） 119056.98 | 流通市值（百万） | 119056.98 | | --- | --- | | 总股本（万股） | 52001.30 | | 流通股（万股） | 52001.30 | | 130% | 东鹏饮料 | | 饮料乳品 | | | --- | --- | --- | --- | --- | | 80% | | | | | | 30% | | | | | | -20% | | | | | | 2024-03 | 2024-06 | 2024-09 | 2024-12 | 2025-03 | | % | | 1M | 3M | 12M | | 东鹏饮料 | | -2.37 | 3.60 | 67.74 | | 饮料乳品 | | 2.04 | -4.13 | 4.51 | 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 1 东 ...

Investment Rating - The investment rating for Dongpeng Beverage is maintained at "Outperform" [1] Core Views - The company is expected to achieve a revenue of 15.84 billion yuan in 2024, representing a year-on-year increase of 40.6%. The net profit attributable to shareholders is projected to be 3.33 billion yuan, up 63.1% year-on-year [4][6] - In 2025, the company aims for a revenue and net profit growth of no less than 20%, with a focus on consolidating market presence and seeking new growth points through product expansion and overseas market entry [7] Financial Performance Summary - In 2024, the company's revenue reached 15.84 billion yuan, with a net profit of 3.33 billion yuan, reflecting significant growth compared to 2023 [9] - The gross margin improved to 44.8% in 2024, up 1.74 percentage points year-on-year, driven by lower raw material costs and economies of scale [6] - The net profit margin for 2024 was 21.0%, an increase of 2.89 percentage points year-on-year [6] Market Performance - The energy drink segment saw a revenue increase of 28.7% in 2024, with sales volume up 29.3% [5] - The electrolyte water segment experienced a remarkable revenue growth of 280.4%, with sales volume increasing by 279.8% [5] - Regional performance showed significant growth, with the East China market growing by 57.2% and the North China market by 83.8% [5] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025 is adjusted to 3.996 billion yuan, with further projections of 4.757 billion yuan in 2026 and 5.210 billion yuan in 2027 [4][9] - The earnings per share (EPS) are projected to be 7.68 yuan for 2025, 9.15 yuan for 2026, and 10.02 yuan for 2027 [4][9]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 15.84 billion yuan and a net profit of 3.33 billion yuan in 2024, representing year-on-year growth of 40.63% and 63.09% respectively [1][3]. - The company aims for a revenue and net profit growth target of no less than 20% for 2025, with specific expectations for its flagship product, Dongpeng Special Drink, to maintain steady growth [3][4]. - The company plans to enhance its capital strength and international brand image by issuing H shares and distributing a cash dividend of 1.3 billion yuan to shareholders [3]. Financial Performance - In 2024, the company reported revenue from Dongpeng Special Drink, Electrolyte Water, and other beverages of 13.30 billion yuan, 1.50 billion yuan, and 1.02 billion yuan respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - The gross margin and net margin improved to 44.81% and 21.00% respectively, with a notable decrease in sales and management expense ratios [2][4]. - The company’s revenue is projected to grow to 20.61 billion yuan in 2025, with a net profit of 4.50 billion yuan, reflecting growth rates of 30.11% and 35.29% respectively [4][11]. Market Position - Dongpeng Special Drink holds a 47.9% market share in the energy drink segment, with a sales revenue share of 34.9%, maintaining a strong position in the market [2]. - The company has expanded its distribution network significantly, adding 212 new distributors, bringing the total to 3,193, and increasing active terminal points to nearly 4 million [2][3]. Future Outlook - The company is expected to continue its growth trajectory with new product launches in the health beverage segment, including herbal teas and plant-based drinks [2][3]. - The projected revenue growth rates for 2025 to 2027 are 30%, 25%, and 23% respectively, with corresponding net profit growth rates of 35%, 28%, and 25% [3][4].