Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [2][10] Core Views - The company continues to deliver strong performance with revenue and net profit for Q1 2025 reaching 4.848 billion and 980 million yuan, respectively, representing year-on-year growth of 39.2% and 47.6% [6] - The decline in raw material prices has improved profitability, with gross margin and net margin at 44% and 20%, respectively, showing increases of 1.7 and 1.1 percentage points year-on-year [6] - The company is expanding its product categories and geographic reach, with significant growth in its direct sales and online channels [8] Summary by Sections Performance Overview - Q1 2025 total revenue and net profit were 4.848 billion and 980 million yuan, with year-on-year growth of 39.2% and 47.6% [6] - Gross margin and net margin improved to 44% and 20%, with increases of 1.7 and 1.1 percentage points year-on-year [6] - Operating cash flow decreased by 26.5% year-on-year to 631 million yuan due to high pre-receivable bases and increased tax payments [6] Product Performance - Revenue from energy drinks, electrolyte drinks, and other beverages for Q1 2025 were 3.901 billion, 570 million, and 375 million yuan, with year-on-year growth of 26%, 261%, and 73% respectively [7] - The main product, Dongpeng Special Drink, continues to grow rapidly, while the new product "Brew Water" is in a high-growth phase [7] Channel and Regional Growth - Revenue from distribution, direct sales, and online channels for Q1 2025 were 4.283 billion, 457 million, and 104 million yuan, with year-on-year growth of 37%, 63%, and 54% respectively [8] - Revenue from the Guangxi and Guangdong regions and other regions reached 1.503 billion and 3.342 billion yuan, with year-on-year growth of 24% and 48% respectively [8] Profit Forecast - The company is expected to continue gaining market share in the energy drink sector, with electrolyte water becoming a second growth curve [10] - The EPS forecast for 2025-2027 has been adjusted to 8.67, 11.20, and 14.18 yuan, with corresponding PE ratios of 31, 24, and 19 times [10]

证券研究报告 | 2025年04月16日 东鹏饮料（605499.SH） 优于大市 第一季度收入同比增长 39%，第二曲线亮眼 公司 2025 年一季度收入同比增长 39%。东鹏饮料发布 2025 年一季报， 2025Q1 实现收入 48.48 亿元，同比增长 39.2%，归母净利润 9.80 亿元， 同比增长 47.6%。现金流方面，2025Q1 公司合同负债 38.70 亿元，同比增 加 12 亿元，环比下降 8.9 亿元，主要系新旧财年切换 2024Q4 合同负债同比 /环比增加 21/24 亿元。回款方面，2025Q1 公司销售商品收到的现金 48.63 亿元，同比+18.73%。 风险提示：原辅材料价格波动风险，行业竞争加剧，地缘政治风险。 投资建议：2025Q1 公司第二曲线延续高增，且成本费用优化卓有成效，考 虑公司后续规模效益仍有望持续释放，我们上修未来 3 年盈利预测。我们预 计 2025-2027 年公司实现营业总收入 205.17/253.36/300.83 亿元（前预 测值为 201.70/248.81/295.30 亿元），同比增长29.53%/23.49%/18.74%； 2025 ...

Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [2][10] Core Views - The company continues to deliver strong performance with revenue and net profit for Q1 2025 reaching 4.848 billion and 980 million yuan, respectively, representing year-on-year growth of 39.2% and 47.6% [6] - The decline in raw material prices has improved profitability, with gross margin and net margin at 44% and 20%, respectively, showing increases of 1.7 and 1.1 percentage points year-on-year [6] - The company is expanding its product categories and geographic reach, with significant growth in its direct sales and online channels [8] Summary by Sections Performance Overview - Q1 2025 total revenue and net profit were 4.848 billion and 980 million yuan, with year-on-year growth of 39.2% and 47.6% [6] - Gross margin and net margin improved to 44% and 20%, with increases of 1.7 and 1.1 percentage points year-on-year [6] - Operating cash flow decreased by 26.5% year-on-year, totaling 631 million yuan [6] Product Performance - Revenue from energy drinks, electrolyte drinks, and other beverages for Q1 2025 were 3.901 billion, 570 million, and 375 million yuan, with year-on-year growth of 26%, 261%, and 73% respectively [7] - The main product, Dongpeng Special Drink, continues to grow rapidly, while the new product "Brew Water" is in a high-growth phase [7] Channel and Regional Growth - Revenue from distribution, direct sales, and online channels for Q1 2025 were 4.283 billion, 457 million, and 104 million yuan, with year-on-year growth of 37%, 63%, and 54% respectively [8] - Revenue from the Guangxi and Guangdong regions and other regions were 1.503 billion and 3.342 billion yuan, with year-on-year growth of 24% and 48% respectively [8] Profit Forecast - The company is expected to continue increasing its market share in the energy drink sector, with electrolyte water becoming a second growth curve [10] - The EPS forecast for 2025-2027 has been adjusted to 8.67, 11.20, and 14.18 yuan, with corresponding PE ratios of 31, 24, and 19 times [10]

东鹏饮料（ [Table_StockNameRptType] 605499） 公司点评 再度超预期，成绩斐然 ——东鹏饮料 25Q1 点评 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-04-16 | [Table_BaseData] 收盘价（元） | 267.58 | | --- | --- | | 近 12 个月最高/最低 | 278.49/152.98 | | （元） | | | 总股本（百万股） | 520 | | 流通股本（百万股） | 520 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 1,391 | | 流通市值（亿元） | 1,391 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% 10% 41% 71% 101% 4/24 7/24 10/24 1/25 东鹏饮料 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 [Table_CompanyReport] 相关报告 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 公司保持较快增长，盈利增强 ——东鹏饮料(605499)年报点评 证券研究报告-年报点评 增持(首次) 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共4页 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -10% 4% 19% 33% 48% 62% 76% 91% 2024.04 2024.08 2024.12 2025.04 东鹏饮料 沪深300 联系人：李智 市场数据(2025-04-15) | 0371-65585629 | | --- | | 电话： | | 收盘价(元) | 267.58 | | --- | --- | | 一年内最高/最低(元) | 286.00/190.95 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.07 | | 流通市值(亿元) | 1,391.45 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 16.6 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 公司保持较快增长，盈利增强 ——东鹏饮料(605499)年报点评 证券研究报告-年报点评 增持(首次) 市场数据(2025-04-15) | 收盘价(元) | 267.58 | | --- | --- | | 一年内最高/最低(元) | 286.00/190.95 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.07 | | 流通市值(亿元) | 1,391.45 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 16.65 | | 每股经营现金流(元) | 1.21 | | 毛利率(%) | 44.47 | | 净资产收益率_摊薄(%) | 11.32 | | 资产负债率(%) | 61.81 | | --- | --- | | 总股本/流通股(万股) | 52,001.30/52,001.30 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 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 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) 25Q1 收入利润超预期，增长势头强劲 l 事件 市场有风 ...

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 ...