Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Views - The company's performance continues to exceed expectations, with significant revenue and profit growth. For the first three quarters of 2024, total revenue reached 12.558 billion yuan, a year-on-year increase of 45.34%, while net profit attributable to shareholders was 2.707 billion yuan, up 63.53% [2][3]. - The main product, Dongpeng Special Drink, shows rapid growth, contributing significantly to revenue, while the new product line "Bushi La" is gaining momentum [3][4]. - The company is expected to maintain its market share in the energy drink sector and continue the growth trajectory of its electrolyte water segment, which is seen as a second growth curve [4]. 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. In Q3 alone, revenue was 4.685 billion yuan, and net profit was 977 million yuan, reflecting year-on-year increases of 47.29% and 78.42%, respectively [2][3]. - The gross margin for Q1-Q3 2024 was 45.05%, with a net margin of 21.56%, showing improvements from the previous year [2][3]. Product and Market Analysis - Revenue from Dongpeng Special Drink, Bushi La, and other beverages for Q1-Q3 2024 was 10.507 billion yuan, 1.211 billion yuan, and 812 million yuan, respectively. Dongpeng Special Drink's revenue grew by 31.43% year-on-year [3]. - The company has expanded its distribution channels, with significant growth in direct sales and online channels, achieving year-on-year increases of 79% and 140%, respectively [3]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 6.28 yuan, 8.23 yuan, and 10.28 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 35, 27, and 22 times [4][6].

Investment Rating - The report assigns an "Outperform" rating to the company [3]. Core Views - The company is a leader in the energy drink sector, accelerating its nationwide expansion. It has established nine production bases across various regions and achieved a sales revenue of 11.3 billion in 2023, with its flagship product, Dongpeng Special Drink, becoming a billion-level single product [1][11]. - The energy drink market is characterized by high demand and strong profitability, with a CAGR of 7% over the past five years. The competitive landscape is dominated by a few key players, with Red Bull holding a 53% market share and Dongpeng at approximately 31% [1][21]. - The company is actively developing new products in the functional beverage category, such as "Brewed Tea" and "Cocktails," which are expected to contribute significantly to future growth [1][11]. Summary by Sections Company Overview - The company has a long history in the energy drink market, transitioning from a state-owned enterprise to a private company in 2003 and listing on the stock exchange in 2021. It aims to become a leading multi-category beverage group in China [11][13]. Industry Analysis - The energy drink market in China is still in its growth phase, with a market size of 57.6 billion in 2023, reflecting an 8% year-on-year growth. The market is expected to continue growing due to increasing consumer demand and lifestyle changes [21][22]. - The industry has high entry barriers due to regulatory requirements for health certifications, making it less competitive compared to other beverage segments [21][24]. Competitive Landscape - The competitive dynamics are shifting, with Dongpeng gaining market share as Red Bull faces internal disputes and declining brand strength. Dongpeng's market share has increased to approximately 30.94% in 2023 [27][21]. - The company leverages its cost-effective product offerings and extensive distribution network to capture market opportunities [27][21]. Financial Analysis and Profit Forecast - The company is projected to achieve net profits of 3.216 billion, 4.194 billion, and 5.309 billion for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 57.7%, 30.4%, and 26.6% [2][3]. - The report estimates a reasonable price range of 242.10 to 258.24 per share for 2025, indicating a potential upside of 10-17% from the current stock price [3][2].

Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage (605499.SH) [1][6] Core Views - The company reported strong performance in Q3 2024, with revenue of 12.558 billion RMB, a year-on-year increase of 45.3%, and a net profit of 2.707 billion RMB, up 63.53% year-on-year [1] - The growth in the functional beverage segment remains robust, with the "Brewed Water" product exceeding expectations in Q3 [1] - The company is expected to continue benefiting from its national expansion strategy and the growth potential of its electrolyte water product line [1] Summary by Sections Performance Overview - For Q3 2024, Dongpeng Beverage achieved revenue of 4.685 billion RMB, a year-on-year increase of 47.29%, and a net profit of 977 million RMB, up 78.42% year-on-year [1] - The company’s Q3 2024 gross margin was 45.81%, an increase of 4.29 percentage points year-on-year, while the net margin was 20.85%, up 3.64 percentage points year-on-year [1] Product Analysis - In Q3 2024, revenue from Dongpeng Functional Beverage, Brewed Water, and other beverages was 3.652 billion RMB, 735 million RMB, and 281 million RMB respectively, with year-on-year growth rates of 27.73%, 299.58%, and -12.07% [1] - The electrolyte water product is still in its early growth phase, indicating significant room for market penetration [1] Channel and Regional Performance - Revenue growth by channel in Q3 2024 was 41.0% for distribution, 79.0% for direct sales, and 140.0% for online channels [1] - The company added 11 new distributors in Q3, bringing the total to 2,993 [1] - Revenue growth in the Guangdong region was 23.8%, while other regions saw growth rates exceeding 40% [1] Financial Projections - The report raises profit forecasts for 2024-2026 by 8% each year, projecting net profits of 3.14 billion RMB, 4.04 billion RMB, and 5.04 billion RMB respectively, with year-on-year growth rates of 54%, 29%, and 25% [1][3] - The projected P/E ratios for 2024, 2025, and 2026 are 36x, 28x, and 22x respectively [1][3]

Investment Rating - The report maintains a "Recommended" rating for the company, expecting strong performance in the next six months [3][7][13]. Core Insights - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 45.34% and a net profit increase of 63.53% for the first three quarters of 2024 [4][5]. - The gross margin and net margin have improved, with a gross margin of 45.05% and a net margin of 21.56% for the first three quarters of 2024, attributed to lower raw material costs [5][6]. - The company is focusing on expanding its product matrix and enhancing its market presence through a nationwide strategy, with notable growth in its core product and new offerings [6][7]. Financial Performance Summary - Revenue projections for 2024 to 2026 are as follows: 2024E at 16,199 million, 2025E at 20,591 million, and 2026E at 25,333 million, reflecting a compound annual growth rate [3][11]. - Net profit projections for the same period are: 2024E at 3,238 million, 2025E at 4,258 million, and 2026E at 5,341 million, indicating strong profitability growth [3][11]. - The company’s gross margin is expected to improve from 43.1% in 2023A to 46.8% in 2026E, while net margin is projected to rise from 18.1% to 21.1% over the same period [11][12]. Market Position and Strategy - The company is enhancing its distribution network and focusing on channel penetration, with significant revenue growth in regions like North China and Southwest China [6][7]. - The company aims to strengthen its market share in the energy drink sector while diversifying its product offerings to meet consumer demands [6][7].

证 券 研 究 报 告 东鹏饮料（605499）2024 年三季报点评 强推（维持） 主品扩张正盛，第二曲线更亮眼 目标价：250 元 当前价：220.68 元 事项： ❖ 公司发布 2024 年三季报，靠近前期预告上限。24 年前三季度实现营收 125.58 亿元，同比+45.34%；归母净利润 27.07 亿元，同比+63.53%；扣非归母净利润 26.63 亿元，同比+77.3%。单 Q3 实现营收 46.85 亿元，同比+47.29%；归母净 利润 9.77 亿元，同比+78.42%；扣非归母净利 9.56 亿元，同比+86.9%。 评论： ❖ 终端动销旺盛，报表质量较高、余力充足。公司终端动销持续旺盛，当前渠道 库存不足 50+天、同比下降约 1 个月。同时，24Q3 回款 51.1 亿、同比+37.6%， 期末合同负债为 23.8 亿、环比略降 1.2 亿，主要系去年报表回款大幅高于营收 （23 年回款、营收分别为 139 亿、112.6 亿）、合同负债相应快速增加，叠加 今年动销较快使得经销商加速兑换一元乐享，以及 9 月末渐入淡季渠道打款 季节性回落等因素影响。实际上，当前公司回款金额仍高于营 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q3 2024 results with revenue of 4.68 billion yuan (up 47.3%) and net profit attributable to shareholders of 980 million yuan (up 78.4%), exceeding market expectations [1] - The main business and new products both exceeded expectations, with the main business maintaining high growth and new product revenue significantly increasing [1][2] - The company is expected to achieve revenue of 15.91 billion yuan in 2024, representing a year-on-year growth of 41.2% [4] Revenue Analysis - The main business maintained high growth with Q3 special drink revenue accounting for 78%, up 28% year-on-year [1] - Revenue growth varied by region, with significant increases in Guangdong and Guangxi due to effective freezer deployment and inventory adjustments [1] - New product revenue accounted for 22% in Q3, with a year-on-year increase of 218%, and the "Water" product contributing 72% of new product revenue [1] Profit Analysis - Q3 gross margin increased by 4.3 percentage points to 45.8%, primarily due to lower raw material costs and economies of scale [1] - The net profit margin for Q3 increased by 3.6 percentage points to 20.9% [1] - The company is expected to achieve net profits of 3.20 billion yuan in 2024, with a year-on-year growth of 57.1% [4] Financial Forecast - The company is projected to achieve revenues of 15.91 billion yuan, 20.38 billion yuan, and 25.68 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.20 billion yuan, 4.16 billion yuan, and 5.29 billion yuan [4][5] - The expected P/E ratios for the next three years are 36, 28, and 22 times [2]

Investment Rating - The report maintains an "Accumulate" rating for Dongpeng Beverage (605499) [3][9] - The target price is raised to 264.10 CNY from the previous 249.50 CNY [3][9] Core Insights - The company's performance meets expectations, with significant growth in the "Bup Shui La" product line and an increasingly refined national layout [2] - For Q3 2024, the company achieved a revenue of 12.558 billion CNY, a year-on-year increase of 45.34%, and a net profit attributable to shareholders of 2.707 billion CNY, up 63.53% year-on-year [9] - The revenue for Q3 alone was 4.685 billion CNY, reflecting a 47.29% year-on-year growth, with net profit reaching 977 million CNY, a 78.42% increase year-on-year [9] - The "Bup Shui La" product line saw a remarkable year-on-year revenue growth of 300%, increasing its revenue share to 15.7% in Q3 2024 from 5.8% in Q3 2023 [9] Financial Summary - The company forecasts revenue growth from 11.263 billion CNY in 2023 to 16.233 billion CNY in 2024, representing a 44.1% increase [8] - Net profit is expected to rise from 2.040 billion CNY in 2023 to 3.279 billion CNY in 2024, marking a 60.8% increase [8] - The gross margin for Q3 2024 reached 45.81%, an increase of 4.3 percentage points year-on-year, while the net margin was 20.85%, up 3.64 percentage points year-on-year [9] - The company maintains a strong balance sheet with a net debt ratio of -43.99% and a price-to-book ratio of 16.2 [5][9] Market Position and Growth Potential - The energy drink category aligns with the fast-paced lifestyle trend, and Dongpeng is enhancing its market share through high cost-performance strategies and expanding distribution channels [9] - The "Bup Shui La" product is positioned to meet the growing health demands of consumers, particularly among physically active individuals, contributing to its rapid growth [9]

东鹏饮料：第三季度净利润9.77亿元 同比增长78.42% 财联社10月29日电，东鹏饮料发布2024年第三季 度报告，前三季度实现营业收入125.58亿元，同比增长45.34%；净利润27.07亿元，同比增长63.53%。 其中，第三季度实现营业收入46.85亿元，同比增长47.29%；净利润9.77亿元，同比增长78.42%。 查看公告原文 ...

东鹏饮料（集团）股份有限公司 第三届监事会第九次会议决议公告 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。 证券代码：605499 证券简称：东鹏饮料 公告编号 2024-093 监事会认为：公司 2024 年第三季度报告全文的编制和内容符合法律、法规、 《公司章程》和公司内部管理制度的各项规定，不存在与第三季度报告相关的欺 诈、舞弊行为及重大错报的可能性；《公司 2024 年第三季度报告》的内容和格式 符合中国证监会和上海证券交易所的各项规定，所包含的信息能从各个方面真实、 准确、完整地反映公司 2024 年第三季度的经营情况和财务状况等事项，因此， 我们同意公司关于 2024 年第三季度报告全文的议案内容。 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见在上海证券交易所网站（http://www.sse.com.cn）披露的 《2024 年第三季度报告》。 特此公告。 东鹏饮料（集团）股份有限公司 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"）第三届监事会第九次会 议于 2024 年 ...

市值管理制度 第一章 总则 第一条 为加强上市公司市值管理工作,进一步规范东鹏饮料(集团)股份 有限公司(以下简称"公司")的市值管理行为,维护公司、投资者及其他利益 相关者的合法权益,积极响应《上市公司监管指引第 10 号 -- 市值管理(征求 意见稿 > 》（以下简称《指引》）中关于鼓励上市公司建立市值管理制度的号 召,根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交 易所股票上市规则》及其他有关法律法规,制订本制度。 第二条 本制度所称市值管理是指公司以提高上市公司质量为基础,为提升 投资者回报能力和水平而实施的战略管理行为。 THE : 19 17 : 1 东鹏饮料(集团)股份有限公司市值管理制度 东鹏饮料(集团)股份有限公司 第二章 市值管理的目的与基本原则 第三条 市值管理的主要目的是提升公司质量,依法合规运用各类方式提升 公司投资价值。通过制定正确发展战略、完善公司治理、改进经营管理、培育 核心竞争力,创造公司价值,并通过资本运作工具和预期管理实现公司市值与 内在价值的动态均衡。 第四条 市值管理的基本原则: (一)整体性原则。公司遵循整体性原则,协同公司各业务体系以系统化 方式 ...