[Table_InvestInfo] 投资评级 优于大市 维持 股票数据 [Table_MainInfo] 公司研究/食品 证券研究报告 东鹏特饮（605499）公司年报点评 2025 年 03 月 12 日 | 03[Table_StockInfo 月 11 日收盘价（元）] | 226.99 | | --- | --- | | 52 周股价波动（元） | 176.00-298.06 | | 总股本/流通 A 股（百万股） | 520/520 | | 总市值/流通市值（百万元） | 118038/118038 | 相关研究 [Table_ReportInfo] 《单四季度营收利润继续快速成长，现金回款 过 200 亿体现强大旺盛需求》2025.01.22 《单三季度继续加速，补水啦季度突破 7 亿》 2024.10.31 《东鹏特饮百亿后加速成长，补水啦第二曲线 势能充沛》2024.09.03 市场表现 [Table_QuoteInfo] -28.58% -3.58% 21.42% 46.42% 71.42% 96.42% 2024/3 2024/6 2024/9 2024/12 东鹏饮料 海通综指 沪深 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - 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 [6] - The company's core product, energy drinks, generated revenue of 13.304 billion yuan, accounting for 83.99% of total revenue, with a year-on-year growth of 28.49% [7] - The company is expanding its national presence, with revenue outside Guangdong province increasing by 49.57% year-on-year, contributing to 56.94% of total revenue [8] - The company is enhancing its production capacity and global strategy, with production bases established in East China and Central China, and products exported to 25 countries and regions [9] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.281 billion yuan, a year-on-year increase of 25.12%, and a net profit of 619 million yuan, up 61.21% year-on-year [6] - The company expects revenue to reach 20.378 billion yuan in 2025, with a year-on-year growth rate of 28.66% [12] Product Development - The electrolyte drink "Dongpeng Water" achieved revenue of 1.495 billion yuan, a significant increase of 280.37% year-on-year, expanding its market presence [7] - The company has developed a diversified product matrix, including energy drinks, electrolyte drinks, tea beverages, plant protein drinks, coffee drinks, fruit and vegetable juices, and pre-mixed alcoholic beverages [7] Market Expansion - The company has established a comprehensive channel network with over 3,000 distributors and nearly 4 million active retail outlets across the country [8] - The company is implementing a "frozen display" strategy to enhance sales efficiency at retail points [8] Production and Global Strategy - The company has completed the construction and operation of production bases in Zhejiang and Changsha, with a total designed capacity exceeding 4.8 million tons per year [9] - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international market share and competitiveness [11]

[Table_Stock] 东鹏饮料（605499） [Table_ReportInfo] 相关报告： | 《第二曲线蔚然成型，全国化势能延续》 | | --- | | ——2024 年 10 月 30 日 | | 《新品迸发新能量，全国化加速推进》 | | ——2024 年 09 月 03 日 | | 《全线产品延续高增，全国化步伐提速》 | | ——2024 年 04 月 23 日 | 多品类成效显著，全国化再进一步 ——东鹏饮料 2024 年年报点评 事件概述 [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 | [行业Table_Industry] : | 食品饮料 | | --- | --- | | 日期: | shzqdatemark 2025年03月11日 | | [Table_Author] 分析师: | 王慧林 | | Tel: | 15951919467 | | E-mail: | wanghuilin@shzq.com | | SAC 编号: | S0870524040001 | | 分析师: | 袁家岗 | | Tel: | 02153686249 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved a revenue of 15.839 billion yuan, representing a year-on-year increase of 40.6%. The net profit attributable to the parent company was 3.33 billion yuan, up 63.1% year-on-year, while the net profit excluding non-recurring items was 3.26 billion yuan, an increase of 74.5% year-on-year [2][5]. - The "Twin Stars" product strategy, featuring East Peng Special Drink and Water, has shown significant growth, with revenues of 13.304 billion yuan and 1.495 billion yuan respectively, marking increases of 28.5% and 280.4% year-on-year [11]. - The company is expanding its overseas business, particularly in Southeast Asia and the Middle East, which are seen as key growth areas for future development [11]. Financial Performance - The company reported a Q4 revenue of 3.28 billion yuan, a year-on-year increase of 25.1%, with a net profit of 620 million yuan, up 61.2% year-on-year [2][5]. - The gross margin for the company reached 44.8%, an increase of 1.8 percentage points year-on-year, driven by improved cost efficiency and product demand [11]. - The company expects EPS for 2025, 2026, and 2027 to be 8.71 yuan, 11.20 yuan, and 13.93 yuan respectively, with corresponding PE ratios of 26X, 20X, and 16X [11]. Market Position and Strategy - The company has established nearly 4 million distribution points and over 30,000 refrigerators, with more than 3,000 distributors, indicating a robust channel resource network [11]. - The company’s sales and management expense ratios have decreased, contributing to an improved net profit margin of 21%, up 2.9 percentage points year-on-year [11]. - The company is focusing on a multi-category strategy, enhancing its product portfolio beyond energy drinks, which has led to a more balanced revenue growth across different beverage categories [11].

公司研究丨点评报告丨东鹏饮料（605499.SH） [Table_Title] 东鹏饮料 2024 年年报点评："双子星"产品力 突出，海外业务有序推进 报告要点 [Table_Summary] 2024 年公司实现收入 158.39 亿元，同比+40.6%，归母净利润为 33.3 亿元，同比+63.1%，扣 非归母净利润为 32.6 亿元，同比+74.5%。其中 Q4 收入 32.8 亿元，同比+25.1%，归母净利 润 6.2 亿元，同比+61.2%，扣非归母净利润 6 亿元，同比+62.97%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 东鹏饮料（605499.SH） cjzqdt11111 [Table_Title 东鹏饮料 2024 2] 年年报点评："双子星"产品力 突出，海外业务有序推进 [Table_Summary2] 事件 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Views - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, with a net profit of 3.327 billion yuan, up 63.09% year-on-year [1]. - The electrolyte beverage segment saw significant growth, with revenue increasing by 280.37% year-on-year [2]. - The company is planning to issue H shares to support its international business development [4]. Revenue Growth - The company's revenue from energy drinks, electrolyte drinks, and other beverages for 2024 was 13.304 billion, 1.495 billion, and 1.023 billion yuan, respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - Revenue from various channels showed comprehensive growth, with distribution, key accounts, online, and other channels achieving revenues of 13.607 billion, 1.744 billion, 0.445 billion, and 0.026 billion yuan, respectively, with year-on-year growth rates of 37.28%, 57.59%, 116.95%, and -2.48% [3]. - The company’s revenue in Guangdong and nationwide reached 4.360 billion and 9.010 billion yuan, respectively, with year-on-year growth of 15.93% and 49.57% [3]. Profitability Improvement - The company's net profit margin and gross margin for 2024 were 21.00% and 44.81%, respectively, with increases of 2.89 and 1.74 percentage points year-on-year [5]. - In Q4 2024, the net profit margin was 18.88%, reflecting a year-on-year increase of 4.23 percentage points [5]. Future Projections - The company is projected to achieve net profits of 4.350 billion, 5.584 billion, and 6.810 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 30.75%, 28.37%, and 21.95% [6].

Investment Rating - The report maintains a "Buy" rating for the company [6][9] Core Views - 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 of 3.327 billion yuan, up 63.09% year-on-year [1] - The energy drink segment continues to show strong momentum, with revenue from energy drinks, electrolyte drinks, and other beverages reaching 13.304 billion, 1.495 billion, and 1.023 billion yuan respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2] - The company is planning to issue H shares to support its international business development and advance its globalization strategy [4] Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 3.281 billion yuan, a year-on-year increase of 25.12%, and a net profit of 619 million yuan, up 61.21% year-on-year [1] - The gross profit margin for 2024 was 44.81%, an increase of 1.74 percentage points year-on-year, while the net profit margin was 21.00%, up 2.89 percentage points year-on-year [5] Revenue Growth - Revenue from various channels showed comprehensive growth, with distribution, key accounts, online, and other channels achieving revenues of 13.607 billion, 1.744 billion, 445 million, and 2.6 million yuan respectively, with year-on-year growth rates of 37.28%, 57.59%, 116.95%, and -2.48% [3] - The company’s revenue from Guangdong province was 4.360 billion yuan, while national revenue reached 9.010 billion yuan, with year-on-year growth rates of 15.93% and 49.57% respectively [3] Future Projections - The company is expected to achieve net profits of 4.350 billion, 5.584 billion, and 6.810 billion yuan for the years 2025, 2026, and 2027, with growth rates of 30.75%, 28.37%, and 21.95% respectively [6]

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Title] 年报业绩增 63%，电解质饮料放量 ——东鹏饮料 2024 年年报点评 东鹏饮料(605499)公司点评报告 2025 年 03 月 11 日 [Table_Summary] 事件 公司公告 2024 年年报。24 年，公司实现总营收 158.39 亿元，同比+40.63%， 归母净利 33.27 亿元，同比+63.09%。24Q4，公司实现总营收 32.81 亿元，同 比+25.12%，归母净利 6.19 亿元，同比+61.21%。公司拟每股派发现金红利 2.5 元（含税）。 东鹏特饮势能持续向上、补水啦快速放量，筹划港股上市 1）东鹏特饮势能持续向上，补水啦及其他饮料快速增长。24 年，公司能量饮 料/电解质饮料/其他饮料收入分别为 133.04/14.95/10.23 亿元，同比分别 +28.49%/+280.37%/+103.19%。24Q4，能量饮料/电解质饮料/其他饮料收入分 别为 27.97/2.84/2.11 亿元，同比分别+18.52%/+237.30%/+22.20%。 2）各主要渠道 ...

投资建议：2024 年公司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，成本费用仍有进一步优化空间，同时兼顾目前消费环境，我 们小幅下修未来 3 年收入预测但上修净利润预测。预计 2025-2027 年公司 实 现 营 业 总 收 入 201.70/248.81/295.30 亿 元 （ 前 预 测 值 为 209.46/254.98/298.99 亿元），同比增长 27.34%/23.36%/18.68%； 2025-2027 年公司实现归母净利润 44.06/57.25/71.18 亿元（前预测值 为 41.94/53.09/62.62 亿元），同比增长 32.43%/29.93%/24.33%；预计 2025-2027 年实现 EPS8.47/11.01/13.69 元；当前股价对应 PE 分别为 27/21/17 倍。公司是食品饮料稀缺的景气增长标的，扩品类、全国化仍 在推进，维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has established a diversified product matrix with a focus on becoming a leading comprehensive beverage group, enhancing brand value and market competitiveness [6] - The flagship product, Dongpeng Special Drink, has shown steady growth, capturing a 47.9% market share in China's energy drink sector, an increase of 4.9 percentage points year-on-year [6] - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 15.839 billion yuan, a year-on-year growth of 40.63%, and net profit attributable to shareholders of 3.327 billion yuan, up 63.09% [4] Financial Performance - In 2024, the company achieved a gross margin of 44.81%, an increase of 1.74 percentage points year-on-year, primarily due to lower raw material costs [6] - The net profit margin for 2024 was 21.00%, reflecting a year-on-year increase of 2.89 percentage points [6] - The company’s operating cash flow for 2024 was 5.789 billion yuan, a year-on-year increase of 76.44% [4] Market Position and Growth Strategy - The company is focusing on expanding its product categories, including electrolyte drinks, sugar-free tea, and large-packaged beverages, to optimize its product structure [9] - The second growth curve, "Dongpeng Water," has entered the "billion-level product" category, with a sales volume market share of 6.7%, up 5.0 percentage points year-on-year [6] - The company plans to deepen its national and omnichannel strategies while exploring international markets, including setting up a company in Indonesia to meet local demand for high-quality soft drinks [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are 20.456 billion yuan, 25.393 billion yuan, and 30.189 billion yuan, respectively, with year-on-year growth rates of 29.15%, 24.13%, and 18.89% [9] - Net profit projections for the same years are 4.427 billion yuan, 5.657 billion yuan, and 6.901 billion yuan, with growth rates of 33.06%, 27.80%, and 21.99% [9] - The company is expected to maintain a strong return on equity (ROE) of 40.92% in 2025 [9]