Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company achieved a revenue of 15.839 billion yuan in 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 63.09% year-on-year [2]. - The company is focusing on deepening its market presence in Guangdong while optimizing its distribution system and business team outside the province, which is expected to support good growth in the energy drink segment nationwide [2][3]. - The "Dongpeng Water" product line has shown excellent performance, with a revenue increase of 114.2% year-on-year in Q4 2024, contributing significantly to overall revenue growth [2]. Financial Summary - Total revenue for 2023 was 11.263 billion yuan, with a year-on-year growth of 32.4%. The projected revenue for 2025 is 21.386 billion yuan, reflecting a growth rate of 35.0% [3]. - The net profit attributable to the parent company for 2023 was 2.040 billion yuan, with a year-on-year increase of 41.6%. The forecast for 2025 is 4.475 billion yuan, indicating a growth of 34.5% [3]. - The gross margin for 2024 is projected to be 44.8%, with a gradual increase to 47.8% by 2027 [3]. - The earnings per share (EPS) for 2024 is estimated at 6.40 yuan, with projections of 8.61 yuan for 2025 and 10.77 yuan for 2026 [3].

Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Insights - 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 attributable to shareholders of 3.327 billion yuan, up 63.09% year-on-year [2]. - The company is focusing on deepening its market presence in Guangdong while optimizing its distribution system and business team outside the province, which is expected to support good growth in the energy drink segment nationwide [2][3]. - The "Dongpeng Water" product line has shown excellent performance, with a revenue increase of 114.2% year-on-year in Q4 2024, contributing significantly to the overall revenue growth [2]. Financial Performance Summary - Total revenue for 2023 was 11.263 billion yuan, with a year-on-year growth of 32.4%. The projected revenues for 2025, 2026, and 2027 are 21.386 billion yuan, 25.713 billion yuan, and 28.841 billion yuan, respectively [3]. - The net profit attributable to shareholders for 2023 was 2.040 billion yuan, with a year-on-year growth of 41.6%. The projected net profits for the next three years are 4.475 billion yuan, 5.599 billion yuan, and 6.529 billion yuan [3]. - The gross profit margin for 2024 is expected to be 44.8%, with a gradual increase projected in the following years [3]. - The company’s EPS (Earnings Per Share) for 2024 is estimated at 6.40 yuan, with projections of 8.61 yuan, 10.77 yuan, and 12.55 yuan for 2025, 2026, and 2027, respectively [3].

公司研究 [Table_ReportType] 公司点评报告 [东Ta鹏ble饮_S料tockAndRank] (605499.SH) 投资评级 买入 执业编号：S1500523110003 邮 箱：chenglili@cindasc.com [T事ab件le：_Su公m司ma发ry布] 2024 年年度业绩，全年实现收入 158.39 亿元，同比 +40.63%，归母净利润 33.27 亿元，同比+63.09%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 上次评级 买入 程丽丽 食品饮料行业分析师 基地市场持续深耕，深度全国化。2024Q4 公司实现收入 32.81 元，同 比+25.12%，主要系东鹏特饮深度全国化、补水啦高速增长。具体来看， 2024Q4 公司持续深耕优势市场，广东区域营收同比+13.6%至 9.33 亿 元，收入占比同比-3.1pct 至 28.3%；广西区域收入同比+2.1%至 2.19 亿元。全国市场加速发展，华中区域收入同比+24.6%至 3.51 亿元；华 东区域收入同比+26.9%至3.99亿元；西南区域收入同比+20.5%至 ...

[Table_MainInfo] 公司研究/食品 证券研究报告 [Table_AuthorInfo] 东鹏特饮（605499）公司年报点评 2025 年 03 月 11 日 "特饮"&"补水啦"双引擎快速成长，盈利 能力继续显著提升 [Table_Summary] 投资要点： 主要财务数据及预测 | [Table_FinanceInfo] | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 11263 | 15839 | 20650 | 25813 | 31469 | | (+/-)YoY(%) | 32.4% | 40.6% | 30.4% | 25.0% | 21.9% | | 净利润(百万元) | 2040 | 3327 | 4594 | 6076 | 7604 | | (+/-)YoY(%) | 41.6% | 63.1% | 38.1% | 32.3% | 25.1% | | 全面摊薄 EPS(元) | 3.92 | 6.40 | 8.83 | 11.69 | 14.6 ...

Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage (605499) with a current price of 226.67 CNY and a target price not specified for the next six months [1]. Core Views - Dongpeng Beverage achieved strong revenue growth in 2024, with total revenue reaching 15.84 billion CNY, a year-on-year increase of 40.6%, and a net profit attributable to the parent company of 3.33 billion CNY, up 63.1% year-on-year [7]. - The company plans to list on the Hong Kong stock exchange, and its overseas business is expected to contribute to long-term excess returns [7]. - The growth in the energy drink segment is driven by the 500ml large Dongpeng product, while the electrolyte drink segment is expanding into new consumption scenarios [7]. - The company has established a diversified product matrix with a "dual-engine + multi-category" approach, enhancing its market presence [7]. Financial Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 15.84 billion CNY, net profit of 3.33 billion CNY - 2025E: Revenue of 20.57 billion CNY, net profit of 4.42 billion CNY - 2026E: Revenue of 25.43 billion CNY, net profit of 5.58 billion CNY - 2027E: Revenue of 30.78 billion CNY, net profit of 6.94 billion CNY [2][10]. - **Growth Rates**: - Revenue growth rates are projected at 40.63% for 2024, 29.86% for 2025, 23.62% for 2026, and 21.05% for 2027 [2]. - Net profit growth rates are expected to be 63.09% for 2024, 32.94% for 2025, 26.23% for 2026, and 24.38% for 2027 [2]. - **Earnings Per Share (EPS)**: - EPS is projected to be 6.40 CNY for 2024, 8.50 CNY for 2025, 10.74 CNY for 2026, and 13.35 CNY for 2027 [2]. - **Valuation Metrics**: - Price-to-Earnings (PE) ratio is expected to decrease from 35 in 2024 to 17 in 2027 [2]. - Price-to-Book (PB) ratio is projected to decline from 15.32 in 2024 to 6.57 in 2027 [2]. Business Segmentation - **Energy Drinks**: - Revenue of 13.30 billion CNY in 2024, with a growth rate of 28.7% [10]. - Expected to maintain a gross margin of 48.3% in 2024, increasing to 52% by 2027 [10]. - **Electrolyte Drinks**: - Revenue of 1.50 billion CNY in 2024, with a projected growth rate of 80% [10]. - Gross margin expected to rise from 29.7% in 2024 to 34% by 2027 [10]. - **Other Beverages**: - Revenue of 1.02 billion CNY in 2024, with a growth rate of 22.3% [10]. - Gross margin expected to stabilize at 30% from 2025 onwards [10].

Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage (605499) with a current price of 226.67 CNY and a target price not specified for the next 6 months [1]. Core Views - Dongpeng Beverage achieved strong revenue growth in 2024, with total revenue reaching 15.84 billion CNY, a year-on-year increase of 40.6%, and a net profit attributable to the parent company of 3.33 billion CNY, up 63.1% year-on-year [7]. - The company plans to list on the Hong Kong stock exchange, and its overseas business is expected to contribute to long-term excess returns [7]. - The growth in the energy drink segment is driven by the 500ml large Dongpeng product, while the electrolyte drink segment is expanding into new consumption scenarios [7]. - The company has successfully optimized its national distribution network, increasing the number of terminal outlets by 500,000 to nearly 4 million [7]. Summary by Sections Financial Performance - In 2024, Dongpeng Beverage's revenue was 15.84 billion CNY, with a net profit of 3.33 billion CNY and a cash flow from operations of 20.43 billion CNY, reflecting a 47.0% increase year-on-year [7][16]. - The gross margin improved to 44.8%, with a net profit margin of 21.0%, marking a historical high [7]. Revenue Breakdown - Revenue from energy drinks was 13.30 billion CNY, up 28.5% year-on-year, while electrolyte drinks saw a remarkable growth of 280.4% to 1.50 billion CNY [7][10]. - Other beverages contributed 1.02 billion CNY, with a year-on-year increase of 103.2% [7]. Future Projections - Forecasts for 2025-2027 indicate net profits of 4.42 billion CNY, 5.58 billion CNY, and 6.94 billion CNY, respectively, with corresponding EPS of 8.50 CNY, 10.74 CNY, and 13.35 CNY [2][10]. - The projected PE ratios for the same period are 27, 21, and 17 [2]. Market Expansion - The company is focusing on expanding its market presence outside Guangdong, with revenue from other regions increasing by 49.6% [7]. - The average scale of distributors has improved by 31%, enhancing the overall distribution efficiency [7]. Cost Management - The report highlights a decrease in costs due to lower raw material prices, contributing to improved profitability across all beverage categories [7]. - The gross margin for energy drinks is projected to reach 50% by 2025, while electrolyte drinks are expected to achieve a gross margin of 32% [8][10].

Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage (605499) with a current price of 226.67 CNY and a target price not specified for the next 6 months [1]. Core Insights - Dongpeng Beverage achieved a total revenue of 15.84 billion CNY in 2024, representing a year-on-year growth of 40.6%. The net profit attributable to the parent company was 3.33 billion CNY, up 63.1% year-on-year. The company plans to list in Hong Kong, and its overseas business is expected to contribute to long-term excess returns [7]. - The company has established a diversified product matrix with a focus on energy drinks and electrolyte beverages, which are expected to drive future growth [7][8]. - The national expansion strategy is progressing well, with significant revenue growth in various regions, particularly outside Guangdong [7]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 15.84 billion CNY, with a net profit of 3.33 billion CNY. The fourth quarter alone saw a revenue of 3.28 billion CNY, a 25.1% increase year-on-year [7]. - The forecast for 2025-2027 indicates a net profit of 4.42 billion CNY, 5.58 billion CNY, and 6.94 billion CNY respectively, with corresponding EPS of 8.50 CNY, 10.74 CNY, and 13.35 CNY [2][10]. Revenue Breakdown - Revenue from energy drinks reached 13.30 billion CNY in 2024, growing by 28.5%. The electrolyte beverage segment saw a remarkable increase of 280.4%, generating 1.50 billion CNY [7][10]. - The company is also expanding its product offerings in other beverage categories, which are expected to contribute significantly to revenue growth in the coming years [9]. Cost and Profitability - The gross margin improved to 44.8% in 2024, up 1.74 percentage points year-on-year, driven by lower raw material costs and increased sales volume [7]. - The net profit margin reached a historical high of 21.0%, reflecting effective cost management and operational efficiency [7]. Market Expansion - The company has increased its national distribution network, adding 500,000 new retail points, bringing the total to nearly 4 million [7]. - Revenue from regions outside Guangdong grew by 49.6%, indicating successful penetration into new markets [7]. Future Outlook - The company anticipates continued growth in the energy drink segment, with projected sales growth rates of 26%, 22%, and 20% for 2025-2027 [8]. - The electrolyte beverage segment is expected to become a significant growth driver, with forecasted sales growth rates of 82%, 52%, and 42% over the same period [8].

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 2024年至今，食品饮料行业整体下跌，食品饮料指数从2024年1月至今跌幅已近10%。 而在整体下跌的趋势之中，东鹏饮料却以超过80%的涨幅，位列A股整个食品饮料行业前列。 尽管伴随着诸多争议，东鹏饮料的股价相比2021年发行价已经上涨近5倍，市值也超过1200亿元，成为国内能量饮料企业绝对的龙 头。 靠着一句"累了困了，喝东鹏特饮"，在饮料行业"低糖化"和"健康化"的风潮之下，东鹏饮料能否继续维持"稳稳的幸福"？ 01 而当今年的业绩落地，对于部分提前进场的投资者来说，恰恰是到了获利离场的时刻。 最近，东鹏饮料发布2024年业绩。 全年实现营业收入158.39 亿元，同比增加40.63%；归母净利润33.27亿元，同比增长63.09%。 收入与利润增速，均落在了此前业绩预告偏高的区间，也创下了上市以来的最佳表现。 东鹏特饮在能量饮料市场的规模也逐渐扩大。 尼尔森IQ数据显示，东鹏饮料的能量饮料市占率从2023年的43%提升至47.9%，销售额份额突破34.9%，500ml瓶装单品稳居全国 前三。 能量饮料市场，华彬红牛的收入仍旧 ...

以下文章来源于商业弧光 ，作者李佳琪 商业弧光 . 编辑｜苗正卿 题图｜视觉中国 2024年，能量饮料第一股"杀疯了"。 3月7日，东鹏饮料发布2024年年报。财报显示，东鹏饮料去年实现营收158.39 亿元，同比增加40.63%；归 母净利润为33.27亿元，同比增长63.09%，增速远超行业平均水平。公司销售毛利率从2023年的43.07%提升 至2024年的44.81%，销售净利率从18.11%提升至上市以来新高的21%。更值得注意的是，其经营活动现金 流净额达57.89亿元，同比增长76.44%，同样创下上市以来新高。 同一天，东鹏饮料宣布启动港股上市计划。自2021年A股主板上市以来，4年时间东鹏饮料已经成长为一家 市值超千亿的公司，即将完成从本土巨头到国际玩家的"跨越"。 回顾上市早期，虽然东鹏饮料在业绩方面表现良好，但仍受到外界关于营收结构单一（ 产品结构单一、销 售区域单一 ）、对经销商高度依赖（ 招股书显示，97%以上销售收入来源于经销商 ）等质疑。 而2024年年报中的亮眼数据背后，正是东鹏饮料从单一功能饮料品牌向"多品类平台"转型、由高度依赖经销 商向"直营+经销"模式加速全国渗透的成果 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company reported a revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.63%. The net profit attributable to shareholders reached 3.327 billion yuan, up 63.09% year-on-year, and the net profit excluding non-recurring items was 3.262 billion yuan, growing by 74.48% year-on-year, closely aligning with previous performance forecasts [4][14] - The growth was driven by strong performance in the energy drink segment and the introduction of new products, with online sales and the North China region showing particularly strong results. The company is transitioning from a leader in energy drinks to a broader beverage platform while expanding into overseas markets, particularly Southeast Asia, which is expected to contribute additional growth [4][16] Financial Performance Summary - In 2024, the company achieved revenues of 15.839 billion yuan, with a breakdown of revenue from energy drinks at 13.304 billion yuan (up 28.49%), electrolyte drinks at 1.495 billion yuan (up 280.37%), and other beverages at 1.023 billion yuan (up 103.19%). Online sales and various regions, including North China, saw growth rates exceeding 50% [14][15] - The gross margin for 2024 was 44.81%, an increase of 1.74 percentage points year-on-year, primarily due to favorable raw material costs. The net profit margin for 2024 was 21.00%, up 2.89 percentage points year-on-year [15][16] - The company forecasts revenues of 20.613 billion yuan, 25.423 billion yuan, and 30.375 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.331 billion yuan, 5.487 billion yuan, and 6.698 billion yuan, indicating a compound annual growth rate (CAGR) of 26.27% [16][17]