Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company achieved a revenue of 12.558 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 45.3%, with a net profit attributable to the parent company of 2.707 billion yuan, up 63.53% year-on-year [1] - In Q3 2024, the company reported a main business revenue of 4.685 billion yuan, a year-on-year increase of 47.28%, driven by rapid growth in the national market [2] - The company is focusing on deepening its market presence in Guangdong while accelerating nationwide expansion, with significant growth in various regions [3] Summary by Sections Revenue and Profitability - The total revenue for 2024 is projected to reach 16.281 billion yuan, with a year-on-year growth of 44.6% [4] - The net profit attributable to the parent company is expected to be 3.336 billion yuan in 2024, reflecting a year-on-year increase of 63.5% [4] - The gross margin is forecasted to improve to 45.5% by 2024 [4] Regional Performance - Revenue from the Guangdong region increased by 23.79% to 1.312 billion yuan, while the Guangxi region saw a slower growth of 46.18% to 373 million yuan [2] - The Central China region experienced a revenue growth of 57.90% to 654 million yuan, and the North China region grew by 59.62% to 516 million yuan [2] Product Performance - The revenue from Dongpeng Special Drink increased by 27.7% to 3.652 billion yuan, while Dongpeng Water saw a remarkable growth of 299.6% to 735 million yuan [2] - Other beverage products experienced a revenue increase of 107% to 281 million yuan [2] Cost and Expenses - Operating costs increased by 36.48% year-on-year, with a gross margin of 45.8%, up 4.3 percentage points [3] - Selling expenses rose by 77.12% to 837 million yuan, with a selling expense ratio of 17.9% [3] - The net profit for Q3 2024 was 977 million yuan, a year-on-year increase of 78.42%, with a net profit margin of 20.8% [3] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 6.41 yuan, 8.16 yuan, and 9.42 yuan respectively, with corresponding P/E ratios of 33, 26, and 23 [3]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][10]. Core Views - The company reported a revenue of 12.558 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 45.34%, and a net profit attributable to shareholders of 2.707 billion yuan, up 63.53% year-over-year [4][5]. - In Q3 2024 alone, the company achieved a revenue of 4.685 billion yuan, marking a 47.29% increase year-over-year, with a net profit of 977 million yuan, reflecting a 78.42% year-over-year growth [6][7]. - The company's core product, "Dongpeng Special Drink," generated sales revenue of 10.507 billion yuan in the first three quarters, a 31.43% increase year-over-year, while the new product "Dongpeng Water" reached sales of 1.211 billion yuan, increasing its share from 3.58% to 9.66% [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross profit margin increase of 2.53 percentage points due to a decrease in raw material prices, leading to a gross profit increase of 53.99% year-over-year [5]. - In Q3 2024, the gross profit margin rose by 4.29 percentage points, resulting in a gross profit increase of 62.53% year-over-year [6]. - The company’s net profit margin for Q3 2024 was 20.85%, up 3.64 percentage points year-over-year [6]. Market Expansion - The company continues to expand its market presence, with revenue from the Guangdong region growing by 27.35% year-over-year, while national revenue increased by 55.10% [9]. - Direct sales revenue saw a significant increase of 69.87%, indicating successful channel expansion [9]. Future Projections - Revenue projections for 2024-2026 are 15.841 billion yuan, 20.733 billion yuan, and 26.131 billion yuan respectively, with net profits expected to be 3.305 billion yuan, 4.453 billion yuan, and 5.789 billion yuan [10][12]. - The estimated EPS for 2024-2026 is projected to be 6.36 yuan, 8.56 yuan, and 11.13 yuan respectively [10][12].

Investment Rating - The report maintains a "Hold" rating for the company [3][10] Core Views - The company has shown significant growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 12.558 billion yuan, a year-on-year increase of 45.34%, and net profit of 2.707 billion yuan, up 63.53% [1] - New product launches, particularly "Dongpeng Water," have performed exceptionally well, contributing to overall sales growth [2] - The company has effectively managed costs, leading to improved profitability metrics, including a gross margin of 45.05% for the first three quarters of 2024, an increase of 2.53 percentage points year-on-year [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 12.558 billion yuan, with a net profit of 2.707 billion yuan, reflecting a year-on-year growth of 45.34% and 63.53% respectively [1] - The third quarter alone saw revenue of 4.685 billion yuan, a 47.29% increase year-on-year, and a net profit of 977 million yuan, up 78.42% [1] Product Performance - The "Dongpeng Special Drink" generated revenue of 10.507 billion yuan in the first three quarters, a 31.43% increase, while "Dongpeng Water" and other beverages contributed 1.211 billion yuan and 812 million yuan respectively, with year-on-year growth rates of 292.11% and 145.43% [2] - In Q3 2024, "Dongpeng Special Drink" revenue was 3.652 billion yuan, a 27.73% increase, with "Dongpeng Water" and other beverages achieving 735 million yuan and 281 million yuan respectively, with growth rates of 299.58% and 107.04% [2] Cost Management and Profitability - The company has maintained a gross margin of 45.05% for the first three quarters, an increase of 2.53 percentage points year-on-year, with net profit margin rising to 21.56% [2] - In Q3 2024, the gross margin improved to 45.81%, with a net profit margin of 20.85%, reflecting a year-on-year increase of 4.3 and 3.64 percentage points respectively [2] Earnings Forecast and Investment Advice - The earnings forecast for 2024-2026 has been revised upwards, with expected net profits of 3.203 billion yuan, 4.250 billion yuan, and 5.327 billion yuan for the respective years, translating to P/E ratios of 35, 26, and 21 [2][3]

Investment Rating - The report maintains a "Recommend" rating for Dongpeng Beverage (605499 SH) [5] Core Views - Dongpeng Beverage achieved strong growth in Q3 2024 with total revenue of 12 558 billion yuan up 45 34% YoY and net profit attributable to parent company of 2 707 billion yuan up 63 53% YoY [3] - The company's second growth curve "Dongpeng Water" accelerated with revenue reaching 1 211 billion yuan in the first three quarters of 2024 up 292 11% YoY [3] - National expansion is progressing steadily with revenue from regions outside Guangdong growing rapidly such as Central China up 57 90% YoY and North China up 59 62% YoY [3] - Gross margin improved significantly to 45 81% in Q3 2024 up 4 29 percentage points YoY driven by cost reductions and economies of scale [3] - The company is expected to achieve net profit attributable to parent company of 3 260 billion yuan in 2024 up 59 8% YoY [3] Financial Performance - Revenue for Q3 2024 was 4 685 billion yuan up 47 29% YoY with net profit attributable to parent company of 977 million yuan up 78 42% YoY [3] - Core product "Dongpeng Special Drink" maintained steady growth with revenue of 3 652 billion yuan in Q3 2024 up 27 73% YoY [3] - Operating cash flow for 2024 is projected to be 4 501 billion yuan up from 3 281 billion yuan in 2023 [8] - Net profit margin is expected to increase from 18 11% in 2023 to 21 67% in 2026 [6] Growth Strategy - The company is implementing a multi category strategy and strengthening its brand assets [3] - It is continuously improving the national layout of production and sales networks and enhancing channel penetration [3] - The company is actively developing and reserving other health functional beverages to meet consumer demand [3] Valuation - The current P E ratio is 34X for 2024 and is expected to decrease to 21X by 2026 [4] - The P B ratio is projected to decline from 13 0X in 2024 to 7 0X in 2026 [7] - EV EBITDA ratio is forecasted to decrease from 27 22X in 2024 to 16 34X in 2026 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a strong performance in Q3 2024, achieving revenue of 4.685 billion yuan, a year-on-year increase of 47.29%, and a net profit attributable to shareholders of 977 million yuan, up 78.42% year-on-year, slightly exceeding previous forecasts [2][6] - The growth is supported by cost advantages and scale effects, with the company transitioning from a leader in energy drinks to a broader beverage platform [2][6] - The company is expected to continue its revenue growth trajectory, with projected revenues of 15.975 billion yuan, 20.242 billion yuan, and 24.586 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 41.84%, 26.71%, and 21.46% [6][7] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 12.558 billion yuan, a year-on-year increase of 45.34%, and a net profit of 2.707 billion yuan, up 63.53% year-on-year [6] - Q3 2024 saw revenue from East Peng Special Drink, Water, and Other Beverages at 3.652 billion yuan, 735 million yuan, and 281 million yuan respectively, with year-on-year growth rates of 27.73%, 299.58%, and 107.04% [6] - The gross margin for Q3 2024 was 45.81%, an increase of 4.29 percentage points year-on-year, attributed to low raw material costs [6] Market Expansion - The company is experiencing steady expansion in the energy drink market and is making progress in national distribution, with significant growth in various regions including Guangdong, East China, and Central China [6] - The company is also focusing on increasing advertising and promotional investments to support its growth strategy [6] Future Projections - The company forecasts net profits of 3.204 billion yuan, 4.185 billion yuan, and 5.240 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 57.10%, 30.61%, and 25.20% [7] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 36, 27, and 22 respectively, indicating a favorable valuation outlook [6][7]

补水啦增长强劲,盈利能力持续改善 核心观点 == ● 公司发布 2024 年三季度报，前三季度实现营业收入 125.6 亿元 ( yoy+45.3% ) ; 实 现归母净利润 27.1 亿元 ( yoy+63.5% ) 。单三季度来看，公司实现营业收入 46.8 亿元（yoy+47.3%），实现归母净利润 9.8 亿元（yoy+78.4%），业绩增长强劲。 ● 东鹏特饮大单品+补水啦新品共推强势增长。东鹏特饮大单品+补水啦新品共推强势 增长。分产品来看,24Q3 东鹏特饮实现收入 105.1 亿元（ yoy+31.4% ），补水啦实 现收入 12.1 亿元（yoy+292.1% ），双产品增速均强劲。分地区来看，24Q3 广东/ 华东/华中/广西/西南/华北/线上分别实现收入 16.6% /49.9% /54.1% /21.7% /67.1% /83.6% /112.8%，华北、西南地区以及线上高增,预计受益于销售渠道优化、线上 布局等。截至 24Q3 末，公司在广东/华东/华中/广西/西南/华北/直营及线上分别拥有 经销商 251/289/386/122/446/875/624 家，分别环比 24H1 末变 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of 4.685 billion yuan for Q3 2024, representing a year-on-year increase of 47.29%, and a net profit attributable to shareholders of 977 million yuan, up 78.42% year-on-year, slightly exceeding previous forecasts [2][6] - The company's performance is supported by cost advantages and scale effects, which further enhance profitability [2][6] - The energy drink market is steadily expanding, and the company is making progress in national expansion, transitioning from a leader in energy drinks to a broader beverage platform [2][6] Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 12.558 billion yuan, a year-on-year increase of 45.34%, and a net profit of 2.707 billion yuan, up 63.53% year-on-year [6] - The gross margin for Q3 2024 was 45.81%, an increase of 4.29 percentage points year-on-year, primarily due to low raw material costs [6] - The company expects revenue growth rates of 41.84%, 26.71%, and 21.46% for 2024, 2025, and 2026, respectively, with corresponding net profit growth rates of 57.10%, 30.61%, and 25.20% [6][7] Product and Regional Performance - In Q3 2024, the company's main products, including Dongpeng Special Drink and other beverages, achieved revenues of 3.652 billion yuan and 281 million yuan, respectively, with year-on-year growth rates of 27.73% and 107.04% [6] - Revenue from various regions showed significant growth, with Guangdong, East China, and Central China experiencing year-on-year increases of 30.47%, 43.60%, and 57.90%, respectively [6] Future Outlook - The company is projected to continue its strong growth trajectory, with expected revenues of 15.975 billion yuan in 2024, 20.242 billion yuan in 2025, and 24.586 billion yuan in 2026 [7] - The report emphasizes the company's ability to leverage cost advantages and scale effects to enhance profitability further [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 265.29 CNY, based on a calculated equity value of 1379.5 billion CNY [2][4][6]. Core Insights - The company reported strong revenue growth of 45.3% year-over-year, achieving 12.56 billion CNY in revenue for the first three quarters of 2024, and a net profit of 2.71 billion CNY, reflecting a year-over-year increase of 63.5% [1][6]. - The product lines, particularly the Dongpeng energy drink and the new "Bushuila" product, have driven significant growth, with the latter showing an impressive revenue increase of 292.1% year-over-year [1]. - The gross profit margin has been steadily increasing, reaching 45.1% in Q3 2024, up 2.5 percentage points year-over-year, indicating improved profitability due to scale effects and reduced raw material costs [1][6]. Financial Performance Summary - For 2024, the company forecasts revenue of 15.96 billion CNY, with a year-over-year growth rate of 41.7%. The net profit is expected to reach 3.21 billion CNY, reflecting a growth rate of 57.4% [3][6]. - The gross margin is projected to improve to 45.2% in 2024, with a net profit margin of 20.1% [3][6]. - The company has shown a consistent increase in earnings per share, projected at 6.17 CNY for 2024, compared to 3.92 CNY in 2023 [3][6]. Market Position and Strategy - The company is expanding its national presence and building a comprehensive beverage platform, focusing on energy drinks, electrolyte drinks, tea, coffee, and pre-mixed alcoholic beverages [1][6]. - The sales network is being optimized, with a notable increase in the number of distributors across various regions, contributing to robust sales growth [1][6]. - The company aims to enhance its market share in the functional beverage and electrolyte water segments through continued product development and channel expansion [1].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong performance in Q3, exceeding expectations, with a revenue of 46.8 billion yuan in Q3 2024, representing a year-on-year growth of 47.3% [3] - The company is progressing steadily with its multi-category and national strategy, aiming to become a comprehensive beverage group [7] - The second growth curve, "Brew Water," has achieved significant revenue growth, reaching 12.1 billion yuan in the first three quarters of 2024, a year-on-year increase of 292% [3][7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 125.6 billion yuan, up 45.3% year-on-year, and a net profit of 27.1 billion yuan, up 63.5% year-on-year [3] - The gross profit margin for Q3 2024 was 45.8%, an increase of 4.3 percentage points year-on-year, driven by lower raw material costs [5][6] Product Performance - The main product, "Dongpeng Special Drink," generated 105.1 billion yuan in revenue in the first three quarters, a 31% increase year-on-year, accounting for 83.9% of total revenue [3] - The "Brew Water" product line has expanded its market share significantly, contributing to the company's growth [7] Sales Channels - Revenue from distribution, direct sales, and online channels for the first three quarters of 2024 was 107.3 billion yuan, 14.5 billion yuan, and 3.3 billion yuan, respectively, with year-on-year growth rates of 41.7%, 62.4%, and 113.0% [4] - The company is actively expanding its offline channel network while leveraging online platforms like Douyin and Xiaohongshu to capture traffic [4] Regional Performance - Revenue from various regions in the first three quarters of 2024 showed significant growth, with Guangdong, East China, and North China achieving year-on-year increases of 19.7%, 49.9%, and 83.5%, respectively [4] Future Outlook - The company has adjusted its profit forecasts for 2024-2026, increasing the net profit estimates to 32.44 billion yuan, 42.33 billion yuan, and 52.18 billion yuan, reflecting a positive outlook on its core products and market strategies [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Views - The company's performance continues to exceed expectations, with significant revenue and profit growth. For the first three quarters of 2024, total revenue reached 12.558 billion yuan, a year-on-year increase of 45.34%, while net profit attributable to shareholders was 2.707 billion yuan, up 63.53% [2][3]. - The main product, Dongpeng Special Drink, shows rapid growth, contributing significantly to revenue, while the new product line "Bushi La" is gaining momentum [3][4]. - The company is expected to maintain its market share in the energy drink sector and continue the growth trajectory of its electrolyte water segment, which is seen as a second growth curve [4]. Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue was 12.558 billion yuan, with a net profit of 2.707 billion yuan. In Q3 alone, revenue was 4.685 billion yuan, and net profit was 977 million yuan, reflecting year-on-year increases of 47.29% and 78.42%, respectively [2][3]. - The gross margin for Q1-Q3 2024 was 45.05%, with a net margin of 21.56%, showing improvements from the previous year [2][3]. Product and Market Analysis - Revenue from Dongpeng Special Drink, Bushi La, and other beverages for Q1-Q3 2024 was 10.507 billion yuan, 1.211 billion yuan, and 812 million yuan, respectively. Dongpeng Special Drink's revenue grew by 31.43% year-on-year [3]. - The company has expanded its distribution channels, with significant growth in direct sales and online channels, achieving year-on-year increases of 79% and 140%, respectively [3]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 6.28 yuan, 8.23 yuan, and 10.28 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 35, 27, and 22 times [4][6].