公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 软饮料 ＃investSuggestion＃ ＃ ＃d 东yCo 鹏mp 饮any＃料 （ 605499 ） investSug 增持 ( 维ges持tion ）Ch 000009 业 绩表现靓 丽＃ ，title＃ 新 品持 续放量 ange＃ ＃ createTime1＃ 2024年 4月 23日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司公告 2024 年一季报，24Q1 营业总收入/归母净利润/扣非归母净 司 日期 2024-04-22 利润分别为34.82/6.64/6.24亿元，同比+39.80%/+33.51%/+37.76%。 点 收盘价（元） 195.60 ⚫ Q1 延续强劲增长，新品表现强劲。24Q1 东鹏特饮收入 31.01 亿元，同比 评 总股本（百万股） 400.01 +30.11%，收入占比89.16%，延续强劲增长势头，拳头产品500ml金瓶大单 报 流通股本（百万股） 159.27 品拉动增长；其他饮料收入 3.77 亿元，同比+257.01%，收入 ...

[Table_Industry] 东鹏饮料：收入超市场预期，多元发力贡献增长 东鹏饮料(605499.SH)/食品 证券研究报告/公司点评报告 2024年4月23日 饮料 [Table_Industry] [评Ta级bl：e_买Inv入es（t]维 持） [公Ta司bl盈e_利Fin预an测ce及1] 估值 市场价格：195.60元 指标 2022 2023 2024E 2025E 2026E 营业收入（百万元） 8,505 11,263 14,242 17,436 21,266 [Table_Authors] 分析师： 范劲松 增长率yoy% 21.89% 32.42% 26.45% 22.43% 21.97% 执业证书编号：S0740517030001 净利润（百万元） 1,441 2,040 2,703 3,404 4,208 增长率yoy% 20.75% 41.60% 32.51% 25.95% 23.61% Email：fanjs@zts.com.cn 每股收益（元） 1.63 5.10 6.14 7.74 9.56 分析师： 何长天 每股现金流量 5.07 8.20 8.64 10.82 12.9 ...

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[东ITnaf 鹏bol]e 饮_Ti料tle]( 605499) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩超预期，品类扩张蓄势未来 目标价格： 234.76 上次预测： 224.24 公 ——东鹏饮料（605499）2024 年一季报点评 当前价格： 195.60 司 訾猛(分析师) 徐洋(分析师) 2024.04.23 更 021-38676442 021-38032032 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com xuyang022481@gtjas.com 证书编号 S0880513120002 S0880520120008 52周内股价区间（元） 158.59-198.36 报 总市值（百万元） 78,242 告 本报告导读： 总股本/流通 A股（百万股） 400/159 流通 B股/H股（百万股） 0/0 2023 年顺利收官，渠道力持续提升助力公司加速提升在能量饮料行业市场份额，同 流通股比例 40% 时品类扩张蓄势未来。 日均成交量 ...

证券研究报告 公 2024年04月23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： 195.60元 季 新品持续放量，推进全国扩张 目标价格： 230.21元 报 点 事件： 评 基本数据 公司发布 2024 年一季报，2024Q1 实现营业收入 34.82 亿元，同比增长 总股本/流通股本(百万股) 400.01/159.27 39.80%；归母净利润6.64亿元，同比增长33.51%；扣非净利润6.24亿元， 流通A股市值(百万元) 31,153.38 同比增长37.76%。 每股净资产(元) 17.47 ➢ 新品持续爬坡，推进全国扩张 资产负债率(%) 55.82 分产品看，500ml金瓶及东鹏补水啦等新品销售持续提升，主营业务中东鹏 一年内最高/最低(元) 201.00/150.57 特饮2024Q1收入31.01亿元，同比增长30.11%，其他饮料收入3.77亿元， 同比增长 257.01%，收入占比延续提升，达 10.84%，泛饮料品类平台建设 股价相对走势 稳步推进。分区域看，公司继续精耕广东、积极开拓全国市场，2024 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" as of April 23, 2024 [2]. Core Views - The company reported a strong performance in Q1 2024, achieving a revenue of 34.82 billion yuan, representing a year-on-year growth of 39.80%. The net profit attributable to shareholders was 6.64 billion yuan, up 33.51% year-on-year [2]. - The core product, Dongpeng Energy Drink, continued to show high growth, with Q1 2024 revenue reaching 31.01 billion yuan, a year-on-year increase of 30.11%. Other beverage categories, including electrolyte drinks, tea drinks, and ready-to-drink coffee, also saw significant sales growth [2]. - The company is actively expanding its national presence while solidifying its market in Guangdong, with a focus on diversifying its product matrix beyond energy drinks [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 34.82 billion yuan, a 39.80% increase year-on-year. The net profit attributable to shareholders was 6.64 billion yuan, reflecting a 33.51% growth [2]. - The gross profit margin for Q1 2024 was 42.77%, a slight decrease of 0.76 percentage points year-on-year, primarily due to production cost impacts [2]. - The overall sales expense ratio improved slightly, decreasing by 0.02 percentage points to 19.09% [2]. Revenue Growth - The company is projected to achieve revenues of 141.81 billion yuan in 2024, with a year-on-year growth rate of 25.91%. By 2026, revenues are expected to reach 208.71 billion yuan, with a growth rate of 20.07% [3]. - The net profit attributable to shareholders is forecasted to be 26.29 billion yuan in 2024, with a growth rate of 28.88%, and is expected to reach 41.46 billion yuan by 2026, with a growth rate of 24.83% [3]. Market Expansion - The company is accelerating its national expansion efforts, with significant revenue growth in regions outside its home market of Guangdong. For instance, revenue from East China, Central China, and North China markets grew by 48.05%, 54.45%, and 69.14% year-on-year, respectively [2]. - The company is also exploring new sales channels, including online and direct sales, which generated revenues of 0.67 billion yuan and 3.46 billion yuan in Q1 2024, representing year-on-year increases of 100.26% and 76.38%, respectively [2].

证券研究报告：食品饮料 | 公司点评报告 2024年4月23日 股票投资评级 东鹏饮料(605499) 买入|维持 Q1 表现超预期，实现开门红 个股表现 ⚫ 事件 公司发布2024年一季报，2024年Q1实现营业总收入/归母净利 东鹏饮料 食品饮料 7% 润 / 扣 非 归 母 净 利 润 34.82/6.64/6.24 亿 元 ， 同 比 4% 1% +39.8%/+33.51%/+37.76%。收入超预期，利润略超此前预期。 -2% -5% -8% ⚫ 核心要点 -11% 特饮大金瓶全国化扩张、春节期间财运爆棚礼盒畅销以及电解质 -14% -17% 新品补水啦持续高增长共同带动公司Q1营收保持高增速，其中Q1新 -20% 2023-04 2023-07 2023-09 2023-11 2024-02 2024-04 品占比由同期4.24%提升至10.84%，特饮大单品之外第二增长曲线增 长势头强劲。分产品看，2024Q1公司能量饮料/其他饮料分别实现营 资料来源：聚源，中邮证券研究所 收31.0/3.77亿元，同比+30.11%/+257.01%。分渠道看，经销/直销/ 线 上 / 其 他 实 现 营 ...

2024年4月23日 公司研究 24 年开局稳健，新品放量与省外扩张持续提供增长动能 ——东鹏饮料（605499.SH）2024 年一季报点评 增持（维持） 要点 当前价：195.60元 事件：公司发布2024年一季报，24Q1实现营业收入34.8亿元，同比+39.8%；归 作者 母净利润6.6亿元，同比+33.5%；扣非归母净利润6.2亿元，同比+37.8%。 分析师：陈彦彤 其他饮料发展势头强劲，省外市场拓展加速。受益于公司产品与区域基本盘——东 执业证书编号：S0930518070002 021-52523689 鹏特饮与广东区稳健增长，以及其他新品与省外地区收入放量，公司1Q24取得“开 chenyt@ebscn.com 门红”。1）分产品看，核心产品东鹏特饮实现收入31.0亿元，同比+30.1%，营收 分析师：汪航宇 占比89.2%，同比-6.6pcts；其他饮料实现收入3.8亿元，同比+257.0%，营收占 执业证书编号：S0930523070002 比10.84%，同比+6.6pcts，其中东鹏补水啦及东鹏大咖合计收入占比为6.92%。2） 021-52523877 wanghangyu@ebs ...

[Table_RightTitle] 证券研究报告|食品饮料 公 [Table_Title] [Table_StockRank] 司 增持 研 业绩表现超预期，盈利能力有所下降 (维持) 究 [Table_StockName] [Table_ReportDate] ——东鹏饮料（605499）点评报告 2024年04月23日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 2024年4月23日，公司发布2024年一季度报告。2024年第一季度， 总股本（百万股） 400.01 公司实现营收34.82亿元（同比+39.80%），归母净利润6.64亿元（同 流通A股（百万股） 159.27 比+33.51%），扣非归母净利润6.24亿元（同比+37.76%）。 收盘价（元） 195.60 公 总市值（亿元） 782.42 司 投资要点: 流通A股市值（亿元） 311.53 点 ⚫ 公司业绩表现超预期。2024Q1，公司实现营收 34.82 亿元（同比 [个Ta股ble相_C对ha沪rt] 深 300 指数表现 评 +39.80%），归母净利润6.64亿元（同比+33.5 ...

Investment Rating - The report maintains a "Strong Buy" rating for Dongpeng Beverage (605499) with a target price of 240 CNY, compared to the current price of 195.60 CNY [2]. Core Views - The company reported a strong Q1 2024 performance with revenue of 3.482 billion CNY, a year-on-year increase of 39.80%, and a net profit of 664 million CNY, up 33.51% year-on-year [2]. - The growth was driven by a significant increase in the number of distribution points and effective marketing strategies during the Spring Festival [2]. - The company is expected to continue its strong growth momentum into the peak season, supported by new product launches and increased investment in distribution infrastructure [2]. Financial Performance Summary - Q1 2024 revenue reached 3.482 billion CNY, up 39.80% year-on-year, while net profit was 664 million CNY, reflecting a 33.51% increase [2][5]. - The operating cash flow for Q1 2024 was 860 million CNY, a year-on-year increase of 18.72% [2]. - The gross margin for Q1 2024 was 42.77%, slightly down by 0.76 percentage points year-on-year, primarily due to the higher proportion of new products and elevated sugar prices [2]. Regional and Product Performance - Revenue from different regions in Q1 2024 showed significant growth: Guangdong (9.21 billion CNY, +9.4%), other regions (21.43 billion CNY, +51.2%), and direct sales (4.13 billion CNY, +79.9%) [2]. - The product breakdown indicated that Dongpeng Special Drink generated 3.101 billion CNY in revenue, up 30.1%, while other beverages saw a remarkable increase of 257% [2]. Future Outlook - The company plans to enhance its production capacity with new facilities and product lines, aiming to alleviate supply chain pressures [2]. - New product launches are expected to contribute significantly to revenue growth, with a focus on expanding the product matrix to attract new consumer segments [2]. - The report forecasts revenue for 2024 to reach 14.359 billion CNY, with a net profit of 2.7 billion CNY, reflecting growth rates of 27.5% and 32.4% respectively [5][9].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 3.482 billion yuan in Q1 2024, representing a year-on-year increase of 39.80%, with a net profit attributable to the parent company of 664 million yuan, up 33.51% year-on-year [1] - The company is focusing on deepening its market presence in Guangdong while accelerating growth in other regions, with significant revenue increases in Central China (54.5%), East China (48.1%), Southwest (69.1%), and North China (95.4%) [1] - The introduction of new products, particularly the sugar-free tea line, is expected to contribute positively to revenue growth, leveraging the existing distribution network of 2,912 dealers covering all prefecture-level cities [1] Financial Performance Summary - Q1 2024 revenue from core business reached 3.478 billion yuan, a 39.7% increase year-on-year, driven by rapid growth in the national market [1] - The gross profit margin decreased by 0.8 percentage points to 42.8%, while the sales expense ratio increased by 1.4 percentage points to 17.1% due to increased investment in freezers ahead of the peak season [1] - The company expects EPS for 2024-2026 to be 6.27, 7.54, and 9.00 yuan respectively, with a corresponding P/E ratio of 31, 26, and 22 times [2][3]