证券代码：605499 证券简称：东鹏饮料 公告编号：2024-095 一、董事会会议召开情况 表决结果:9 票同意，0 票反对，0 票弃权。 东鹏饮料(集团)股份有限公司 第三届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东鹏饮料(集团)股份有限公司（以下简称"公司"）第三届董事会第十一次 会议于 2024 年 11 月 18 日（星期一）在公司二楼 VIP 会议室以现场结合通讯的 方式召开。会议通知已于 2024 年 11 月 13 日通过邮件及通讯的方式送达各位董 事。本次会议应出席董事 9 人，实际出席董事 9 人。 会议由董事长林木勤先生主持，公司董事会秘书、全体高管、监事列席。会 议召开符合有关法律、法规、规章和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于拟签署投资协议暨设立全资子公司的议案》 具体内容详见在上海证券交易所网站（http://www.sse.com.cn）上披露的 《关于与海口国家高新技术产业开发区管理委员会签署投资协议的公告》。 1 特此公告。 ...

证券代码：605499 证券简称：东鹏饮料 公告编号 2024-096 东鹏饮料（集团）股份有限公司 第三届监事会第十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律。 一、监事会会议召开情况 东鹏饮料（集团）股份有限公司（以下简称"公司"）第三届监事会第十次 会议于 2024 年 11 月 18 日（星期一）在公司二楼 VIP 会议室以现场结合通讯的 方式召开。会议通知已于 2024 年 11 月 13 日通过邮件的方式送达各位监事。本 次会议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席余斌先生主持。会议召开符合有关法律、法规、规章和 《公司章程》的规定。 二、监事会会议审议情况 （一）审议通过《关于拟签署投资协议暨设立全资子公司的议案》 2024 年 11 月 19 日 1 具体内容详见在上海证券交易所网站（http://www.sse.com.cn）上披露的 《关于与海口国家高新技术产业开发区管理委员会签署投资协议的公告》。 特此公告。 东鹏饮料（集团）股份有限公司 监 事 会 监事会认为，公司本 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2024-097 （一）基本情况 根据公司整体经营发展战略规划，东鹏饮料（集团）股份有限公司(以下称 "公司"）拟与海口国家高新技术产业开发区管理委员会签订《投资协议书》， 投资项目为"东鹏饮料集团海南生产基地项目"。为此，公司拟在海口国家高新 技术产业开发区注册设立海南东鹏食品饮料有限公司（暂定，最终以工商注册为 准），注册资本为 10,000 万元人民币，专项负责推进、实施所投资项目，资金 来源为自有或自筹资金。 （二）审议和表决情况 东鹏饮料（集团）股份有限公司 关于与海口国家高新技术产业开发区管理委员会 签署投资协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次对外投资事项不构成关联交易，不构成重大资产重组情形。本次投资 已经由公司第三届董事会第十一次会议审议通过，本次对外投资事项在董事会权 限范围内，无需提交公司股东大会审议。 风险提示：投资协议书中的投资规模、建设周期等均为计划数或预计数， 所涉建设项目的土地面积、建设周期、业务开展 ...

4.委托理财期限：最短持有 7 天、49 天、56 天、4 个月、6 个月、8 个月； 重要内容提示： 1.委托理财受托方：上海海通证券资产管理有限公司、中信期货有限公司、 中信证券资产管理有限公司、中国银行股份有限公司； 2.本次委托理财金额：合计 66,000.00 万元； 3.委托理财产品类型：理财、资管计划； 证券代码：605499 证券简称：东鹏饮料公告 编号：2024-098 东鹏饮料（集团）股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 5.履行的审议程序：东鹏饮料（集团）股份有限公司（以下简称"公司"） 于 2024 年 4 月 12 日召开第三届董事会第四次会议、第三届监事会第四次会议及 2024 年 5 月 17 日召开 2023 年年度股东大会，分别审议通过了《关于 2024 年度 使用闲置自有资金进行现金管理的议案》，公司股东大会授权公司及其子公司在 保证日常经营资金需求和资金安全的前提下，使用不超过人民币 85 亿元的范围 内择机购买理财产 ...

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[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Invest]买入|维持 东鹏饮料(605499)公司点评报告 2024 年 11 月 05 日 [Table_Title] 持续逆势增长，补水啦继续放量 ——东鹏饮料 2024 年三季报点评 [Table_Summary] 事件 公司公告 2024 年三季报。24Q1-3，公司实现总营收 125.58 亿元，同比 +45.34%，归母净利 27.07 亿元，同比+63.53%，扣非归母净利 26.63 亿元， 同比+77.30%。24Q3，公司实现总营收 46.85 亿元，同比+47.29%，归母净利 9.77 亿元，同比+78.42%，扣非归母净利 9.56 亿元，同比+86.90%。 东鹏特饮稳固、补水啦持续放量，全国各区域快速增长 1）东鹏特饮优势稳固，补水啦及其他饮料快速增长。24Q1-3，东鹏特饮/东鹏 补水啦 / 其 他 饮 料 收 入 分 别 为 105.07/12.11/8.12 亿 元 ， 同 比 分 别 +31.43%/+292.11%/+145.43%。24Q3，东鹏特饮/东鹏补水啦/其他饮料收 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [6][15]. Core Insights - The company's performance continues to exceed expectations, demonstrating strong momentum. The growth in new products, particularly "Brewed Water," is significant, and the multi-category development is promising. The revenue forecast for 2024-2026 has been raised, with expected revenues of 160 billion, 209 billion, and 272 billion yuan, respectively, reflecting growth rates of 42%, 31%, and 30% [4][6]. Financial Performance Summary - For Q1-3 of 2024, the company achieved revenues and net profits of 12.558 billion and 2.707 billion yuan, respectively, representing year-on-year growth of 45.34% and 63.53%. In Q3 alone, revenues and net profits were 4.685 billion and 977 million yuan, with year-on-year increases of 47.29% and 78.42% [1]. - The gross margin improved significantly, with Q3 gross and net profit margins increasing by 4.29 and 3.64 percentage points to 45.81% and 20.85%, respectively. Sales expenses increased, reflecting a strategic investment in marketing [3]. - The company reported a net cash flow from operating activities of 768 million yuan in Q3, a 7.36% increase year-on-year, with sales collections rising by 37.62% to 5.107 billion yuan [3]. Regional Performance - The company experienced steady growth in mature regions such as Guangdong, East China, and Guangxi, while other regions saw growth rates exceeding 50%. In Q3, revenues from various regions were as follows: Guangdong (1.312 billion), East China (644 million), and others, with significant growth in Central China, Southwest, and North China [2]. Channel Development - The company is focusing on high-quality development across all channels, with a notable increase in the number and quality of distributors. In Q3, the number of distributors rose by 213 to 2,993, with an average distributor scale increasing by 36.40% to 1.5597 million yuan [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported strong revenue and profit growth, with a year-on-year revenue increase of 45.3% to 12.56 billion yuan and a net profit increase of 63.5% to 2.71 billion yuan for the first three quarters of 2024 [1][2] - The company is experiencing robust growth across product categories and regions, with significant contributions from new products and expanding distribution channels [2] - Profitability is improving due to a decrease in costs and expenses, with a gross margin of 45.1%, up 2.5 percentage points year-on-year [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 4.68 billion yuan, a 47.3% increase year-on-year, and a net profit of 980 million yuan, up 78.4% [1] - The first three quarters of 2024 saw a gross margin of 45.1%, a net profit margin of 21.6%, and a significant increase in net profit [3] Product and Regional Growth - Revenue from the main product, Dongpeng Energy Drink, reached 10.5 billion yuan, growing by 31.4%, while other beverages saw even higher growth rates [2] - The company’s revenue from the Guangdong region grew by 19.6%, while national and direct sales saw increases of 55.1% and 69.9%, respectively [2] Cost and Expense Management - The company maintained a sales expense ratio of 16.4%, while management and R&D expenses decreased, contributing to improved profitability [3] - The net profit margin increased by 2.4 percentage points year-on-year, reflecting enhanced operational efficiency [3] Future Outlook - The company forecasts net profits of 3.12 billion yuan, 4.12 billion yuan, and 5.16 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 6.01 yuan, 7.92 yuan, and 9.93 yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue reaching 12.558 billion yuan, a 45.34% YoY increase, and net profit attributable to shareholders reaching 2.707 billion yuan, a 63.53% YoY increase [5] - The company's core product, Dongpeng Special Drink, continued to grow strongly, with Q3 revenue reaching 3.652 billion yuan, a 27.73% YoY increase [6] - The company's second growth curve, represented by the "Bushui La" product, accelerated, with Q3 revenue reaching 735 million yuan, a 299.58% YoY increase [6] - The company's national expansion strategy is progressing well, with Guangdong region revenue growing 30.47% YoY and national region revenue growing 51.78% YoY [6] - The company's profitability improved significantly in Q3, with gross margin reaching 45.81%, a 4.29% YoY increase, and net margin reaching 20.85%, a 3.64% YoY increase [7] Financial Forecasts - The company's revenue is expected to grow to 16.081 billion yuan in 2024, 20.394 billion yuan in 2025, and 25.106 billion yuan in 2026, representing YoY growth rates of 42.78%, 26.82%, and 23.10% respectively [7] - Net profit attributable to shareholders is expected to grow to 3.214 billion yuan in 2024, 4.196 billion yuan in 2025, and 5.252 billion yuan in 2026, representing YoY growth rates of 57.57%, 30.56%, and 25.17% respectively [7] - EPS is expected to grow to 6.18 yuan in 2024, 8.07 yuan in 2025, and 10.10 yuan in 2026 [4] - The company's P/E ratio is expected to decline to 34.60 in 2024, 26.50 in 2025, and 21.17 in 2026 [4] Operational Highlights - The company's sales channels are diversified, with distributor, direct sales, and online channels growing 43.65%, 53.54%, and 140.33% YoY respectively in Q3 [6] - The company's cost optimization and scale effects have contributed to improved profitability, with gross margin increasing due to lower costs of raw materials such as white sugar [7] - The company has increased advertising and freezer placements to enhance channel and brand building, leading to a slight increase in sales expense ratio [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7][5]. Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2024, with total revenue reaching 12.558 billion yuan, a year-on-year increase of 45.34%, and net profit attributable to shareholders of 2.707 billion yuan, up 63.53% year-on-year [4][5]. - The company is transitioning towards a platform-based model, with strong growth in new product categories and a focus on digital system development to enhance product distribution and market penetration [4][5]. Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue was 12.558 billion yuan, with a net profit of 2.707 billion yuan and a non-recurring net profit of 2.663 billion yuan, reflecting increases of 45.34%, 63.53%, and 77.3% respectively [4][5]. - In Q3 2024 alone, total revenue was 4.685 billion yuan, with net profit reaching 977 million yuan, marking increases of 47.29% and 78.42% year-on-year [4][5]. Product and Market Analysis - Revenue from the main product, Dongpeng Special Drink, was 10.507 billion yuan for Q1-Q3 2024, up 31.43% year-on-year, while the new product "Brew Water" saw a staggering increase of 292.11% to 1.211 billion yuan [4][5]. - Online sales channels generated 327 million yuan in revenue, reflecting a year-on-year increase of 112.99% [4][5]. Regional Performance - Revenue growth varied by region, with Guangdong at 3.427 billion yuan (up 19.65%), East China at 1.802 billion yuan (up 49.88%), and North China at 1.503 billion yuan (up 83.54%) for Q1-Q3 2024 [4][5]. Profitability Metrics - The net profit margin improved by 3.64 percentage points to 20.85%, and the gross margin increased by 4.29 percentage points to 45.81% in Q3 2024 [5]. - The company is experiencing enhanced scale effects and cost reductions, contributing to improved profitability metrics [5]. Future Outlook - The company is expected to achieve net profits of 3.26 billion yuan and 4.26 billion yuan for 2024 and 2025 respectively, with corresponding EPS of 6.27 yuan and 8.20 yuan [5].