Investment Rating - The report maintains an "Overweight" rating for the company [4] Core Views - The company's Q3 2024 net profit attributable to shareholders increased by 78.42% YoY, with further acceleration compared to Q2 2024 [2] - Revenue for Q1-Q3 2024 reached RMB 12.558 billion, a 45.34% YoY increase, with net profit attributable to shareholders at RMB 2.707 billion, up 63.53% YoY [1][2] - The company's performance exceeded expectations, driven by strong growth in core products and new product lines [2][5] Channel Performance - The company implemented a refined channel strategy, expanding nationwide sales channels, leading to growth in new products like the 500ml Gold Bottle and "Dongpeng Hydration" [2] - Revenue from Guangdong region, national region, and national direct sales for Q1-Q3 2024 were RMB 3.427 billion, RMB 7.329 billion, and RMB 1.774 billion, respectively, with YoY growth rates of 19.65%, 55.10%, and 69.87% [2] - The Southwest and North China regions showed particularly strong growth, with revenues of RMB 1.366 billion and RMB 1.503 billion, up 67.07% and 83.54% YoY, respectively [2] Product Performance - Core product Dongpeng Special Drink generated RMB 10.507 billion in revenue for Q1-Q3 2024, a 31.43% YoY increase [2] - Dongpeng Hydration revenue reached RMB 1.211 billion, up 292.11% YoY, accounting for 9.66% of total revenue [2] - Other beverage products grew by 145.43% YoY to RMB 812 million, contributing 6.48% to total revenue [2] Profitability and Cost Management - Gross margin for Q1-Q3 2024 was 45.05%, up 2.53 percentage points YoY, driven by lower raw material costs [5] - The company effectively controlled expenses, with sales, management, R&D, and financial expense ratios decreasing to 16.42%, 2.44%, 0.40%, and -1.07%, respectively [5] - Net profit margin improved to 21.56%, up 2.40 percentage points YoY [5] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be RMB 16.418 billion, RMB 23.071 billion, and RMB 31.136 billion, with YoY growth rates of 45.77%, 40.52%, and 34.96%, respectively [3][5] - Net profit attributable to shareholders is forecasted to be RMB 3.328 billion, RMB 4.438 billion, and RMB 5.907 billion for 2024E, 2025E, and 2026E, respectively [3][5] - EPS for 2024E, 2025E, and 2026E is expected to be RMB 6.40, RMB 8.53, and RMB 11.36, respectively [3][5] Strategic Development - The company is transitioning from a single-category focus to a multi-category comprehensive beverage group, with strategic synergies in electrolyte drinks, tea-based drinks, coffee-based drinks, and pre-mixed alcoholic beverages [5] - The company continues to strengthen its brand reputation through advertising and channel refinement, particularly in Guangdong, while expanding its national market presence [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company reported a total revenue of 12.558 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 45.34%, with a net profit attributable to shareholders of 2.707 billion yuan, up 63.53% year-on-year [2][6] - The core product, Dongpeng Energy Drink, achieved revenue of 10.507 billion yuan in the first three quarters, a year-on-year growth of 31.34% [3] - The company is transitioning from a single-category beverage company to a diversified beverage group, supported by a robust product matrix and strong growth in new product lines [3][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 4.685 billion yuan, a year-on-year increase of 47.29%, and a net profit of 977 million yuan, up 78.42% year-on-year [2][6] - The gross margin improved by 2.53 percentage points to 45.05%, while the net margin increased by 2.40 percentage points to 21.56% [5] Product Development - The company has successfully expanded its product offerings, with Dongpeng Water achieving revenue of 1.211 billion yuan, a staggering year-on-year growth of 292.11% [3] - Other beverage categories also saw significant growth, with revenue of 812 million yuan, up 145.43% year-on-year [3] Market Expansion - The company reported a total revenue of 7.329 billion yuan from national regions, a year-on-year increase of 55.10% [4] - The online and direct sales channels performed exceptionally well, with revenues of 327 million yuan and 1.447 billion yuan, respectively, representing year-on-year growth of 112.99% and 62.43% [4] Future Projections - Revenue projections for 2024-2026 are 16.077 billion yuan, 20.656 billion yuan, and 24.738 billion yuan, with year-on-year growth rates of 42.74%, 28.48%, and 19.76% respectively [6][8] - Net profit projections for the same period are 3.086 billion yuan, 4.117 billion yuan, and 5.085 billion yuan, with growth rates of 51.27%, 33.41%, and 23.54% respectively [6][8]

Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage with a target price of 284.62 CNY, compared to the last closing price of 220.68 CNY [1]. Core Insights - Dongpeng Beverage's Q3 performance shows continued high growth, with revenue reaching 12.558 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 45.34%. The net profit attributable to shareholders was 2.707 billion CNY, up 63.53% year-on-year [1]. - The company benefits from an expanding consumer base for energy drinks and has successfully captured market share through high cost-performance products, leading to revenue growth that exceeded expectations [1]. - Q3 revenue was 4.685 billion CNY, a year-on-year increase of 47.29%, with net profit attributable to shareholders at 977 million CNY, up 78.42% year-on-year [1]. Financial Summary - Revenue projections for Dongpeng Beverage are as follows: 2024E at 15.795 billion CNY, 2025E at 20.076 billion CNY, and 2026E at 24.968 billion CNY, with growth rates of 40.24%, 27.11%, and 24.37% respectively [3]. - The net profit attributable to shareholders is projected to be 3.002 billion CNY in 2024E, 3.893 billion CNY in 2025E, and 4.980 billion CNY in 2026E, with growth rates of 47.19%, 29.68%, and 27.89% respectively [3]. - The report indicates a stable gross profit margin, with Q3 gross margin increasing by 4.3 percentage points to 45.8% due to rapid sales growth and favorable raw material prices [1]. Market Expansion - Dongpeng Beverage is accelerating its national expansion, with significant revenue growth observed across various regions, including Guangdong, East China, and Southwest China, with year-on-year increases of 30%, 44%, and 52% respectively [1]. - The company is enhancing its market presence by increasing the number of retail outlets and promoting new products, which is expected to contribute to continued revenue growth [1].

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company achieved a revenue of 12.56 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 45.3%. The net profit attributable to the parent company was 2.71 billion yuan, up 63.5% year-on-year [1] - The revenue growth rate of 47.3% in Q3 2024 is the highest quarterly growth since the company went public, driven by factors such as strong product value, rapid channel development, and effective brand promotion through Olympic sponsorship [2] - The company is expected to see continued growth in revenue and net profit over the next three years, with projected revenue growth rates of 42%, 30%, and 22% for 2024 to 2026, respectively [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 4.68 billion yuan, a year-on-year increase of 47.3%, and a net profit of 980 million yuan, up 78.4% year-on-year [1] - The gross profit margin in Q3 2024 was 45.8%, an increase of 4.3 percentage points year-on-year, attributed to scale benefits and a decrease in raw material prices [2] Market Dynamics - The company has seen a significant increase in the contribution of new products, with the proportion of new products rising by 9 percentage points to 16% in the first three quarters of 2024 [2] - The company’s market share has improved, particularly in the provinces outside its home region, with the share from these markets increasing by 6 percentage points to approximately 73% [2] Future Outlook - The report projects that the company will continue to benefit from strong demand in the functional beverage category, with an expected increase in consumer base and market expansion [3] - The company is anticipated to enter a new growth phase in Q4 2024, supported by strong sales momentum and reduced channel inventory [3]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company achieved a revenue of 12.558 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 45.3%, with a net profit attributable to the parent company of 2.707 billion yuan, up 63.53% year-on-year [1] - In Q3 2024, the company reported a main business revenue of 4.685 billion yuan, a year-on-year increase of 47.28%, driven by rapid growth in the national market [2] - The company is focusing on deepening its market presence in Guangdong while accelerating nationwide expansion, with significant growth in various regions [3] Summary by Sections Revenue and Profitability - The total revenue for 2024 is projected to reach 16.281 billion yuan, with a year-on-year growth of 44.6% [4] - The net profit attributable to the parent company is expected to be 3.336 billion yuan in 2024, reflecting a year-on-year increase of 63.5% [4] - The gross margin is forecasted to improve to 45.5% by 2024 [4] Regional Performance - Revenue from the Guangdong region increased by 23.79% to 1.312 billion yuan, while the Guangxi region saw a slower growth of 46.18% to 373 million yuan [2] - The Central China region experienced a revenue growth of 57.90% to 654 million yuan, and the North China region grew by 59.62% to 516 million yuan [2] Product Performance - The revenue from Dongpeng Special Drink increased by 27.7% to 3.652 billion yuan, while Dongpeng Water saw a remarkable growth of 299.6% to 735 million yuan [2] - Other beverage products experienced a revenue increase of 107% to 281 million yuan [2] Cost and Expenses - Operating costs increased by 36.48% year-on-year, with a gross margin of 45.8%, up 4.3 percentage points [3] - Selling expenses rose by 77.12% to 837 million yuan, with a selling expense ratio of 17.9% [3] - The net profit for Q3 2024 was 977 million yuan, a year-on-year increase of 78.42%, with a net profit margin of 20.8% [3] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 6.41 yuan, 8.16 yuan, and 9.42 yuan respectively, with corresponding P/E ratios of 33, 26, and 23 [3]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][10]. Core Views - The company reported a revenue of 12.558 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 45.34%, and a net profit attributable to shareholders of 2.707 billion yuan, up 63.53% year-over-year [4][5]. - In Q3 2024 alone, the company achieved a revenue of 4.685 billion yuan, marking a 47.29% increase year-over-year, with a net profit of 977 million yuan, reflecting a 78.42% year-over-year growth [6][7]. - The company's core product, "Dongpeng Special Drink," generated sales revenue of 10.507 billion yuan in the first three quarters, a 31.43% increase year-over-year, while the new product "Dongpeng Water" reached sales of 1.211 billion yuan, increasing its share from 3.58% to 9.66% [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross profit margin increase of 2.53 percentage points due to a decrease in raw material prices, leading to a gross profit increase of 53.99% year-over-year [5]. - In Q3 2024, the gross profit margin rose by 4.29 percentage points, resulting in a gross profit increase of 62.53% year-over-year [6]. - The company’s net profit margin for Q3 2024 was 20.85%, up 3.64 percentage points year-over-year [6]. Market Expansion - The company continues to expand its market presence, with revenue from the Guangdong region growing by 27.35% year-over-year, while national revenue increased by 55.10% [9]. - Direct sales revenue saw a significant increase of 69.87%, indicating successful channel expansion [9]. Future Projections - Revenue projections for 2024-2026 are 15.841 billion yuan, 20.733 billion yuan, and 26.131 billion yuan respectively, with net profits expected to be 3.305 billion yuan, 4.453 billion yuan, and 5.789 billion yuan [10][12]. - The estimated EPS for 2024-2026 is projected to be 6.36 yuan, 8.56 yuan, and 11.13 yuan respectively [10][12].

Investment Rating - The report maintains a "Hold" rating for the company [3][10] Core Views - The company has shown significant growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 12.558 billion yuan, a year-on-year increase of 45.34%, and net profit of 2.707 billion yuan, up 63.53% [1] - New product launches, particularly "Dongpeng Water," have performed exceptionally well, contributing to overall sales growth [2] - The company has effectively managed costs, leading to improved profitability metrics, including a gross margin of 45.05% for the first three quarters of 2024, an increase of 2.53 percentage points year-on-year [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 12.558 billion yuan, with a net profit of 2.707 billion yuan, reflecting a year-on-year growth of 45.34% and 63.53% respectively [1] - The third quarter alone saw revenue of 4.685 billion yuan, a 47.29% increase year-on-year, and a net profit of 977 million yuan, up 78.42% [1] Product Performance - The "Dongpeng Special Drink" generated revenue of 10.507 billion yuan in the first three quarters, a 31.43% increase, while "Dongpeng Water" and other beverages contributed 1.211 billion yuan and 812 million yuan respectively, with year-on-year growth rates of 292.11% and 145.43% [2] - In Q3 2024, "Dongpeng Special Drink" revenue was 3.652 billion yuan, a 27.73% increase, with "Dongpeng Water" and other beverages achieving 735 million yuan and 281 million yuan respectively, with growth rates of 299.58% and 107.04% [2] Cost Management and Profitability - The company has maintained a gross margin of 45.05% for the first three quarters, an increase of 2.53 percentage points year-on-year, with net profit margin rising to 21.56% [2] - In Q3 2024, the gross margin improved to 45.81%, with a net profit margin of 20.85%, reflecting a year-on-year increase of 4.3 and 3.64 percentage points respectively [2] Earnings Forecast and Investment Advice - The earnings forecast for 2024-2026 has been revised upwards, with expected net profits of 3.203 billion yuan, 4.250 billion yuan, and 5.327 billion yuan for the respective years, translating to P/E ratios of 35, 26, and 21 [2][3]

Investment Rating - The report maintains a "Recommend" rating for Dongpeng Beverage (605499 SH) [5] Core Views - Dongpeng Beverage achieved strong growth in Q3 2024 with total revenue of 12 558 billion yuan up 45 34% YoY and net profit attributable to parent company of 2 707 billion yuan up 63 53% YoY [3] - The company's second growth curve "Dongpeng Water" accelerated with revenue reaching 1 211 billion yuan in the first three quarters of 2024 up 292 11% YoY [3] - National expansion is progressing steadily with revenue from regions outside Guangdong growing rapidly such as Central China up 57 90% YoY and North China up 59 62% YoY [3] - Gross margin improved significantly to 45 81% in Q3 2024 up 4 29 percentage points YoY driven by cost reductions and economies of scale [3] - The company is expected to achieve net profit attributable to parent company of 3 260 billion yuan in 2024 up 59 8% YoY [3] Financial Performance - Revenue for Q3 2024 was 4 685 billion yuan up 47 29% YoY with net profit attributable to parent company of 977 million yuan up 78 42% YoY [3] - Core product "Dongpeng Special Drink" maintained steady growth with revenue of 3 652 billion yuan in Q3 2024 up 27 73% YoY [3] - Operating cash flow for 2024 is projected to be 4 501 billion yuan up from 3 281 billion yuan in 2023 [8] - Net profit margin is expected to increase from 18 11% in 2023 to 21 67% in 2026 [6] Growth Strategy - The company is implementing a multi category strategy and strengthening its brand assets [3] - It is continuously improving the national layout of production and sales networks and enhancing channel penetration [3] - The company is actively developing and reserving other health functional beverages to meet consumer demand [3] Valuation - The current P E ratio is 34X for 2024 and is expected to decrease to 21X by 2026 [4] - The P B ratio is projected to decline from 13 0X in 2024 to 7 0X in 2026 [7] - EV EBITDA ratio is forecasted to decrease from 27 22X in 2024 to 16 34X in 2026 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a strong performance in Q3 2024, achieving revenue of 4.685 billion yuan, a year-on-year increase of 47.29%, and a net profit attributable to shareholders of 977 million yuan, up 78.42% year-on-year, slightly exceeding previous forecasts [2][6] - The growth is supported by cost advantages and scale effects, with the company transitioning from a leader in energy drinks to a broader beverage platform [2][6] - The company is expected to continue its revenue growth trajectory, with projected revenues of 15.975 billion yuan, 20.242 billion yuan, and 24.586 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 41.84%, 26.71%, and 21.46% [6][7] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 12.558 billion yuan, a year-on-year increase of 45.34%, and a net profit of 2.707 billion yuan, up 63.53% year-on-year [6] - Q3 2024 saw revenue from East Peng Special Drink, Water, and Other Beverages at 3.652 billion yuan, 735 million yuan, and 281 million yuan respectively, with year-on-year growth rates of 27.73%, 299.58%, and 107.04% [6] - The gross margin for Q3 2024 was 45.81%, an increase of 4.29 percentage points year-on-year, attributed to low raw material costs [6] Market Expansion - The company is experiencing steady expansion in the energy drink market and is making progress in national distribution, with significant growth in various regions including Guangdong, East China, and Central China [6] - The company is also focusing on increasing advertising and promotional investments to support its growth strategy [6] Future Projections - The company forecasts net profits of 3.204 billion yuan, 4.185 billion yuan, and 5.240 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 57.10%, 30.61%, and 25.20% [7] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 36, 27, and 22 respectively, indicating a favorable valuation outlook [6][7]

补水啦增长强劲,盈利能力持续改善 核心观点 == ● 公司发布 2024 年三季度报，前三季度实现营业收入 125.6 亿元 ( yoy+45.3% ) ; 实 现归母净利润 27.1 亿元 ( yoy+63.5% ) 。单三季度来看，公司实现营业收入 46.8 亿元（yoy+47.3%），实现归母净利润 9.8 亿元（yoy+78.4%），业绩增长强劲。 ● 东鹏特饮大单品+补水啦新品共推强势增长。东鹏特饮大单品+补水啦新品共推强势 增长。分产品来看,24Q3 东鹏特饮实现收入 105.1 亿元（ yoy+31.4% ），补水啦实 现收入 12.1 亿元（yoy+292.1% ），双产品增速均强劲。分地区来看，24Q3 广东/ 华东/华中/广西/西南/华北/线上分别实现收入 16.6% /49.9% /54.1% /21.7% /67.1% /83.6% /112.8%，华北、西南地区以及线上高增,预计受益于销售渠道优化、线上 布局等。截至 24Q3 末，公司在广东/华东/华中/广西/西南/华北/直营及线上分别拥有 经销商 251/289/386/122/446/875/624 家，分别环比 24H1 末变 ...