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]

涨跌幅比较 | 2025 年 03 月 09 日 | | --- | 评级 买入 评级变动 维持 交易数据 当前价格（元） 228.95 52 周价格区间（元） 180.41-286.00 总市值（百万） 119056.98 | 流通市值（百万） | 119056.98 | | --- | --- | | 总股本（万股） | 52001.30 | | 流通股（万股） | 52001.30 | | 130% | 东鹏饮料 | | 饮料乳品 | | | --- | --- | --- | --- | --- | | 80% | | | | | | 30% | | | | | | -20% | | | | | | 2024-03 | 2024-06 | 2024-09 | 2024-12 | 2025-03 | | % | | 1M | 3M | 12M | | 东鹏饮料 | | -2.37 | 3.60 | 67.74 | | 饮料乳品 | | 2.04 | -4.13 | 4.51 | 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 相关报告 1 东 ...

Investment Rating - The investment rating for Dongpeng Beverage is maintained at "Outperform" [1] Core Views - The company is expected to achieve a revenue of 15.84 billion yuan in 2024, representing a year-on-year increase of 40.6%. The net profit attributable to shareholders is projected to be 3.33 billion yuan, up 63.1% year-on-year [4][6] - In 2025, the company aims for a revenue and net profit growth of no less than 20%, with a focus on consolidating market presence and seeking new growth points through product expansion and overseas market entry [7] Financial Performance Summary - In 2024, the company's revenue reached 15.84 billion yuan, with a net profit of 3.33 billion yuan, reflecting significant growth compared to 2023 [9] - The gross margin improved to 44.8% in 2024, up 1.74 percentage points year-on-year, driven by lower raw material costs and economies of scale [6] - The net profit margin for 2024 was 21.0%, an increase of 2.89 percentage points year-on-year [6] Market Performance - The energy drink segment saw a revenue increase of 28.7% in 2024, with sales volume up 29.3% [5] - The electrolyte water segment experienced a remarkable revenue growth of 280.4%, with sales volume increasing by 279.8% [5] - Regional performance showed significant growth, with the East China market growing by 57.2% and the North China market by 83.8% [5] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025 is adjusted to 3.996 billion yuan, with further projections of 4.757 billion yuan in 2026 and 5.210 billion yuan in 2027 [4][9] - The earnings per share (EPS) are projected to be 7.68 yuan for 2025, 9.15 yuan for 2026, and 10.02 yuan for 2027 [4][9]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 15.84 billion yuan and a net profit of 3.33 billion yuan in 2024, representing year-on-year growth of 40.63% and 63.09% respectively [1][3]. - The company aims for a revenue and net profit growth target of no less than 20% for 2025, with specific expectations for its flagship product, Dongpeng Special Drink, to maintain steady growth [3][4]. - The company plans to enhance its capital strength and international brand image by issuing H shares and distributing a cash dividend of 1.3 billion yuan to shareholders [3]. Financial Performance - In 2024, the company reported revenue from Dongpeng Special Drink, Electrolyte Water, and other beverages of 13.30 billion yuan, 1.50 billion yuan, and 1.02 billion yuan respectively, with year-on-year growth rates of 28.49%, 280.37%, and 103.19% [2]. - The gross margin and net margin improved to 44.81% and 21.00% respectively, with a notable decrease in sales and management expense ratios [2][4]. - The company’s revenue is projected to grow to 20.61 billion yuan in 2025, with a net profit of 4.50 billion yuan, reflecting growth rates of 30.11% and 35.29% respectively [4][11]. Market Position - Dongpeng Special Drink holds a 47.9% market share in the energy drink segment, with a sales revenue share of 34.9%, maintaining a strong position in the market [2]. - The company has expanded its distribution network significantly, adding 212 new distributors, bringing the total to 3,193, and increasing active terminal points to nearly 4 million [2][3]. Future Outlook - The company is expected to continue its growth trajectory with new product launches in the health beverage segment, including herbal teas and plant-based drinks [2][3]. - The projected revenue growth rates for 2025 to 2027 are 30%, 25%, and 23% respectively, with corresponding net profit growth rates of 35%, 28%, and 25% [3][4].

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [2][10]. Core Views - The report highlights that the company's performance continues to show strong growth, driven by the release of platform efficiencies and sustained high revenue growth [4][6]. - The company achieved a 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 [6][8]. - The report anticipates continued revenue growth, projecting revenues of 20.339 billion yuan in 2025, 24.666 billion yuan in 2026, and 29.840 billion yuan in 2027, with respective growth rates of 28.41%, 21.28%, and 20.98% [4][8]. Financial Performance Summary - The company's main revenue sources include the flagship product, Dongpeng Special Drink, which generated 13.304 billion yuan in 2024, a growth of 28.49%, accounting for 84.08% of total revenue [6][8]. - The electrolyte drink segment saw significant growth, achieving 1.495 billion yuan in revenue, a remarkable increase of 280.37% [6]. - The gross profit margin for 2024 was 44.81%, an increase of 1.74% year-on-year, attributed to lower raw material costs and economies of scale [8]. Market Position and Expansion - Dongpeng Special Drink maintained its leading market share in China's energy drink market, with sales volume share increasing from 43.0% in 2023 to 47.9% in 2024 [6]. - The company has expanded its distribution channels significantly, with revenue from distributors, key accounts, and online channels growing by 37.28%, 57.59%, and 116.95% respectively [6][8]. - The number of active distributors increased to 3,193, a growth of 7.11%, with the average revenue per distributor rising to 4.26 million yuan, up 28.16% [6]. Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) of 6.40 yuan in 2024, 8.41 yuan in 2025, and 10.27 yuan in 2026, reflecting strong growth in profitability [4][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 35.79 in 2024 to 22.30 in 2026, indicating improving valuation metrics as earnings grow [4][8]. - The company plans to issue H shares and list on the Hong Kong Stock Exchange, which is expected to open new growth avenues [8].

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 the energy drink segment, marking a 4.9 percentage point increase 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 40.63% increase year-on-year, and net profit attributable to shareholders at 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 2.89 percentage point increase from the previous year [6] - The company’s operating cash flow for 2024 was 5.789 billion yuan, a 76.44% increase year-on-year [4] Market Position and Growth Strategy - The company is expanding its product offerings into electrolyte drinks, sugar-free tea, and large-packaged beverages, which supports product structure optimization [9] - The second growth curve, "Dongpeng Water," has entered the "billion-level product" category, with a sales volume 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 establishing a presence in Indonesia [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 price-to-earnings ratio (P/E) of 26.9X for 2025, decreasing to 17.3X by 2027 [9]

东鹏饮料（605499.SH） 2024 年收入高增，2025 年稳中求进 2025 年 03 月 11 日 投资评级：增持（维持） | 日期 | 2025/3/10 | | --- | --- | | 当前股价(元) | 226.67 | | 一年最高最低(元) | 298.06/176.00 | | 总市值(亿元) | 1,178.71 | | 流通市值(亿元) | 1,178.71 | | 总股本(亿股) | 5.20 | | 流通股本(亿股) | 5.20 | | 近 3 个月换手率(%) | 30.65 | 股价走势图 -40% 0% 40% 80% 120% 2024-03 2024-07 2024-11 东鹏饮料 沪深300 数据来源：聚源 相关研究报告 《2024 年收入高增，新品亮眼—公司 信息更新报告》-2025.1.23 《开局良好，新品可期—公司信息更 新报告》-2024.4.23 《2023 年高速增长，2024 年势头良好 —公司信息更新报告》-2024.4.17 食品饮料/饮料乳品 张宇光（分析师） 方勇（分析师） zhangyuguang@kysec.cn 证书编号：S0790 ...

东鹏饮料（605499） 证券研究报告 24 年顺利收官，25 年目标积极 事件：24 年公司实现营收/归母净利润 158.39/33.27 亿元，同比+40.63%/6 3.09%。其中 24Q4 实现营收/归母净利润 32.81/6.19 亿元，同比+25.12%/+ 61.21%。 东鹏饮料稳定增长，电解制水增长提速。东鹏特饮/电解制水/其他饮料 24 年营收 133.04/14.95/10.23 亿元（同比+28.49%/+280.37%/+103.19%），销 量分别同 比 +29.14%/+279.78%/+59.85% ）， 吨 价 分 别 同 比 -0.50%/+0.16%/+27.12%，产销率均达到 94%+；其中 Q4 分别营收同比 +18.52%/+237.30%/+22.20%。东鹏特饮稳定增长，24 年东鹏特饮在全国能 量饮料市场销售量占比 47.9%（同比+4.9pct），销售额份额占比 34.9%（同 比+4.0pct），500ml 瓶装东鹏特饮在尼尔森中国饮料单品排行中稳居前三。 电解制水同比增速高达 280%+，成功将消费场景从传统"困累"场景延伸至 运动补水的"汗点"场景 ...

证券研究报告 | 2025年03月11日 东鹏饮料（605499.SH） 优于大市 2024 年收入同比增长 41%，盈利能力提升 公司 2024 年收入同比增长 41%。东鹏饮料发布 2024 年年度报告，2024 年实现收入 158.39 亿元，同比增长 40.63%，归母净利润 33.27 亿元， 同比增长 63.09%。其中四季度营收 32.81 亿元，同比增长 25.12%；归母 净利润 6.19 亿元，同比增长 61.21%。回款方面，2024 年公司销售商品 收到的现金约 204.30 亿元，同比+46.98%；其中四季度回款 64.39 亿， 同比增长 74.4%。2024 年，公司已有 3193 家经销商，销售终端网点数 量近 400 万家，实现地级市覆盖率达到 100%，东鹏饮料全国化进程稳步 推进，在能量饮料行业的份额逐年提升。 特饮仍在加速全国化，第二曲线收入占比已达 16%。分品类看，2024 年特 饮/补水啦/其他饮料收入分别为 133.04/14.95/10.23 亿元，同比增长 28.49%/280.37%/103.2%，其中，补水啦通过延展口味、提高铺市率维 持高速增长；其他 ...

证券研究报告 | 2025年03月11日 东鹏饮料（605499.SH） 优于大市 2024 年收入同比增长 41%，盈利能力提升 公司 2024 年收入同比增长 41%。东鹏饮料发布 2024 年年度报告，2024 年实现收入 158.39 亿元，同比增长 40.63%，归母净利润 33.27 亿元， 同比增长 63.09%。其中四季度营收 32.81 亿元，同比增长 25.12%；归母 净利润 6.19 亿元，同比增长 61.21%。回款方面，2024 年公司销售商品 收到的现金约 204.30 亿元，同比+46.98%；其中四季度回款 64.39 亿， 同比增长 74.4%。2024 年，公司已有 3193 家经销商，销售终端网点数 量近 400 万家，实现地级市覆盖率达到 100%，东鹏饮料全国化进程稳步 推进，在能量饮料行业的份额逐年提升。 特饮仍在加速全国化，第二曲线收入占比已达 16%。分品类看，2024 年特 饮/补水啦/其他饮料收入分别为 133.04/14.95/10.23 亿元，同比增长 28.49%/280.37%/103.2%，其中，补水啦通过延展口味、提高铺市率维 持高速增长；其他 ...