Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [14]. Core Insights - The company reported a revenue of 15.839 billion yuan for 2024, representing a year-on-year increase of 40.63%, with a net profit attributable to the parent company of 3.327 billion yuan, up 74.48% year-on-year [6][10]. - The energy drink segment continues to drive growth, contributing 13.304 billion yuan in revenue, a 28.49% increase, and accounting for 92.03% of total revenue [8]. - The company has seen a significant increase in cash received from sales in Q4, with a year-on-year growth of 74.4%, suggesting strong sales momentum into Q1 2025 [8]. - The company’s gross profit margin improved by 1.74 percentage points to 44.81%, while the net profit margin rose to 21%, an increase of 2.89 percentage points year-on-year [9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.839 billion yuan, with a growth rate of 40.63% compared to 2023 [10]. - The net profit for 2024 was 3.327 billion yuan, reflecting a growth rate of 63.09% [10]. - Earnings per share (EPS) for 2024 was reported at 6.40 yuan [10]. Market Position - The company’s market share in the energy drink sector increased from 43.0% in 2023 to 47.9% in 2024, indicating a strong competitive position [9]. - The company’s sales volume reached 4.2165 million tons in 2024, a 47.58% increase from the previous year, with significant contributions from key regions [8]. Future Projections - The report forecasts EPS for 2025, 2026, and 2027 to be 8.20 yuan, 10.10 yuan, and 12.91 yuan respectively, with corresponding price-to-earnings ratios of 32.61, 26.50, and 20.72 [9][10].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][14]. Core Insights - The company reported a revenue of 15.839 billion yuan for 2024, representing a year-on-year increase of 40.63%, with a net profit attributable to the parent company of 3.327 billion yuan, up 74.48% year-on-year [6][10]. - The energy drink segment continues to drive growth, with revenue of 13.304 billion yuan, a year-on-year increase of 28.49%, accounting for 92.03% of total revenue [8][9]. - The company has seen a significant increase in cash received from sales in Q4, with a year-on-year growth of 74.4%, indicating strong sales momentum into Q1 2025 [8]. - The company's sales volume reached 4.2165 million tons in 2024, a 47.58% increase from 2023, with key regions like Guangdong and Guangxi contributing significantly to sales [8][9]. - The gross profit margin improved by 1.74 percentage points to 44.81%, while the net profit margin rose to 21%, an increase of 2.89 percentage points year-on-year [9]. Financial Summary - The company forecasts earnings per share (EPS) of 8.20 yuan, 10.10 yuan, and 12.91 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 32.61, 26.50, and 20.72 [9][10]. - The projected revenue growth rates for the next few years are 29.00% for 2025, 24.00% for 2026, and 22.00% for 2027 [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][8] Core Views - The company reported strong growth in Q1 2025, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 4.848 billion, 980 million, and 959 million yuan respectively, representing year-on-year increases of 39.23%, 47.62%, and 53.55% [4][5] - The gross margin and net profit margin for Q1 2025 were 44.47% and 20.21%, showing improvements of 1.7 and 1.15 percentage points year-on-year [5] - The company expects additional revenue contributions from new large-sized packaging products in 2025, while cost advantages from sugar procurement are anticipated to weaken in the latter quarters of the year [7] Company Overview - The latest closing price of the company's stock is 267.58 yuan, with a total market capitalization of 139.1 billion yuan [3] - The company has a total share capital of 520 million shares, with a price-to-earnings ratio of 41.83 [3] Financial Performance - In Q1 2025, the company achieved sales revenue of 4.863 billion yuan, a year-on-year increase of 18.75% [5] - The company’s revenue is projected to reach 20.485 billion, 25.336 billion, and 30.526 billion yuan for the years 2025, 2026, and 2027, with respective growth rates of 29.34%, 23.68%, and 20.49% [10][11] - The net profit attributable to shareholders is expected to be 4.500 billion, 5.731 billion, and 7.024 billion yuan for the same years, with growth rates of 35.28%, 27.33%, and 22.57% [10][11] Product and Channel Performance - In Q1 2025, revenue from energy drinks, electrolyte drinks, and other beverages reached 3.901 billion, 570 million, and 375 million yuan, with year-on-year growth rates of 25.71%, 261.46%, and 72.62% respectively [6] - The company’s distribution channels generated revenues of 4.283 billion, 457 million, 104 million, and 1 million yuan from distributors, key accounts, online, and other channels, with year-on-year growth rates of 37.13%, 62.83%, 54.18%, and a decline of 83.13% [6]

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 东鹏饮料(605499) 买入|维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-02 2025-04 -25% -13% -1% 11% 23% 35% 47% 59% 71% 83% 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） | 267.58 | | --- | --- | | 总股本/流通股本（亿股）5.20 | / 5.20 | | 总市值/流通市值（亿元）1,391 | / 1,391 | | 52 周内最高/最低价 | 286.00 / 190.95 | | 资产负债率(%) | 66.1% | | 市盈率 | 41.83 | | 第一大股东 | 林木勤 | 研究所 25Q1 收入利润超预期，增长势头强劲 l 事件 公司发布 ...

公司研究 证 券 研 究 报 告 东鹏饮料（605499）2025 年一季报点评 强推（维持） Q1 高质高增，平台化再提速 事项： 风险提示：网点扩张不及预期、新品推广不及预期、原材料价格大幅上涨等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,839 | 20,271 | 24,501 | 28,184 | | 同比增速(%) | 40.6% | 28.0% | 20.9% | 15.0% | | 归母净利润(百万) | 3,326 | 4,519 | 5,611 | 6,617 | | 同比增速(%) | 63.1% | 35.9% | 24.2% | 17.9% | | 每股盈利(元) | 6.40 | 8.69 | 10.79 | 12.72 | | 市盈率(倍) | 42 | 31 | 25 | 21 | | 市净率(倍) | 18.1 | 14.5 | 10.9 | 8.6 | 非乳饮料 2025 年 04 月 ...

业绩简评 4 月 15 日公司发布一季报，25Q1 实现营收 48.48 亿元，同比 +39.23%；实现归母净利润 9.80 亿元，同比+47.62%；扣非净利润 9.59 亿元，同比+53.55%，业绩超预期。 经营分析 春节开门红亮眼，新品势能充足。1）分产品看，春节期间加大礼 盒装铺货力度，特饮维持 25%+增速，补水啦月销近 2 亿元，全年 有望翻倍。特饮/补水啦/其他饮料 25Q1 实现收入 39.0/5.7/3.7 亿元，同比+25.8%/261.5%/72.6%。2）分区域看，25Q1 广东/华东 /华中/广西/西南/华北收入分别为11.3/6.6/6.8/3.8/6.2/7.5亿 元，分别同比增长 22.1%/30.8%/28.5%/31.9%/60.5%/71.6%。其中 广东区域销售占比降至 23.2%，省外市场持续扩张，报告期内经销 商数量净增加 51 家，主要集中在华北市场。Q1 末合同负债 38.70 亿元，同比+44%，蓄水池储备充分。 成本下行+规模效应，利润率稳步提升。25Q1 公司毛利率/净利率 分别为 44.5%/20.2%，分别同比+1.7/+1.2pct。毛利率改善系 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605499 证券简称：东鹏饮料 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。 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ 注：2024年9月18日，经公司第三次临时股东大会审议通过，以公司截至2024年6月30日总股本为基数， 以资本公积金向全体股东每10股转增3股，公司股本发生了变化，根据相关会计准则规定，公司对可比 期间2024年第一季度的每股收益予以调整。 重要内容提示 (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company reported a revenue and net profit growth of 39.2% and 47.6% year-on-year for Q1 2025, driven by strong performance in both existing and new products [1][6] - The company is focusing on high-quality price-performance products, capitalizing on the trend of consumer segmentation, which has led to exceptional growth [1][6] - The company has a significant growth potential with 4 million terminal points, supported by effective sales strategies including freezer placements and digital operations [1][6] Financial Data and Valuation - Total revenue is projected to grow from 11,263 million in 2023 to 31,038 million in 2027, with a compound annual growth rate (CAGR) of 32% [2][14] - The net profit is expected to increase from 2,040 million in 2023 to 6,698 million in 2027, reflecting a CAGR of 42% [2][14] - Earnings per share (EPS) is forecasted to rise from 3.92 in 2023 to 12.88 in 2027 [2][15] - The company’s price-to-earnings (PE) ratio is projected to decrease from 68.2 in 2023 to 20.8 in 2027, indicating improving valuation [2][15] Product and Market Performance - The company’s electrolyte water segment saw a remarkable revenue increase of 261.5% year-on-year in Q1 2025, with its revenue share rising from 9.5% to 11.8% [6] - Key markets such as Southwest and North China showed strong performance, with year-on-year growth rates of 61.8% and 71.7% respectively [6] - The gross margin improved by 1.7 percentage points to 44.5% in Q1 2025, attributed to favorable cost conditions and enhanced profitability from new products [6]

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the beverage industry, specifically focusing on energy drinks and other beverage segments in China. Core Points and Arguments 1. **Leverage Reduction and Consumer Demand** The initial focus for consumers is likely to be on reducing leverage rather than immediate consumption, which may eventually lead to increased demand and consumption in the future. This trend is expected to impact various sectors, including alcoholic beverages and dining, which are prioritized over general consumer goods and snacks [1] 2. **Energy Drink Market Trends** The energy drink segment has shown a positive turnaround over the past two years, with expectations for accelerated growth moving forward. The demographic trends indicate that while the number of university graduates is at a record high, the peak will not be reached until 2038, suggesting ongoing employment pressures that may favor energy drink consumption [2] 3. **Weather Impact on Sales** The sales performance in early 2023 was influenced by colder weather in regions like East and North China. The company noted that the seasonal fluctuations in sales are more pronounced compared to previous years, but warmer weather in February has led to improved production outputs [3] 4. **Branding and Marketing Strategies** The company is transitioning its branding and marketing strategies towards enhancing single-product outputs and consumer engagement. Despite pressures, the company anticipates a strong performance during peak seasons [4] 5. **Market Underestimation of Certain Beverage Segments** The company believes that the market has underestimated the potential of certain beverage segments, particularly juice and tea, which are expected to see significant growth. These segments are characterized by lower barriers to entry compared to high-margin products like coffee and alcoholic beverages [4][5] 6. **Consumer Preferences in Lower-Tier Cities** In lower-tier cities, consumers with lower disposable incomes are gravitating towards more affordable beverage options. This trend supports the company's strategy to focus on these segments for growth [5] 7. **Cost Structure and Profitability** The company anticipates maintaining a strong profit margin, with raw materials accounting for approximately 80% of the main business costs. The profit margins are expected to exceed 7%, indicating a robust financial outlook for the year [6] 8. **Valuation and Investment Potential** The company's valuation is projected to be around 25-26 times earnings by the end of the year, which is considered attractive given the anticipated growth rates. The company is recommended as a top investment choice for April [7]

奖嘉宾发言结束后将留有体温时间下面介绍出席本次会议的领导公投饮料口试会秘书张总IR吴总下面有请领导发言各位线上的这个投资者朋友还有各券商的分析师老师以及包括线上的一直在关注或者关心我们公投饮料成长和发展的各位投资界的朋友 然后呃在周末的时候大家也看到了我们呃这个如期的交出了一份这个2024年的大概一个星期的答卷呃这个答卷的整个一个成绩目前看起来对我们来讲我们还是基本还是满意的但是呢就像我们每回这个这个汇报会我们要讲的这个都是过去的成绩过去的成绩过去了啊对于这个 所以东湖饮料这样一家我们还在快速发展同时呢我们也是如履薄冰的这样一个饮料中国的一个饮料品牌企业我们本身对于我们的不论是我们的这个品类的一些探索包括我们的市场的探索以及我们在全国的这个生产基地的探索甚至是大家这两这几个月看到了我们在珠海上面的一些一些初步的探索对我们来讲都是蛮多的未知之处让我们也感觉到面临很难 我们数字化系统的朋友们都知道公司的环境科技度是保健的所以对我们来讲可能我们更关注的是昨天跟上一个礼拜或者明天下一个礼拜我们的冬宵我们的这个在全国的我们的销售情况还有我们的产品的研发情况和市场的反馈 以下是简体中文普通话的文本 先听到各位老师大家上午 ...