食品饮料/饮料乳品 东鹏饮料（605499.SH） 2025Q1 高歌猛进，继续发力 2025 年 04 月 17 日 投资评级：增持（维持） | 日期 | 2025/4/16 | | --- | --- | | 当前股价(元) | 275.00 | | 一年最高最低(元) | 298.06/188.50 | | 总市值(亿元) | 1,430.04 | | 流通市值(亿元) | 1,430.04 | | 总股本(亿股) | 5.20 | | 流通股本(亿股) | 5.20 | | 近 3 个月换手率(%) | 31.54 | 股价走势图 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 2025-04 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，2025 年稳中求进 —公司信息更新报告》-2025.3.11 《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 张宇光（分析师） 方勇（分析师） zhangyuguang@kysec. ...

Core Insights - Dongpeng Beverage reported a revenue of approximately 4.848 billion yuan for Q1 2025, representing a year-on-year growth of 39.23%, and a net profit of about 980 million yuan, up 47.62% year-on-year [1] - The strong growth of the "Dongpeng Water" brand, launched in 2023, significantly contributed to the company's performance, with its revenue share increasing from 4.53% in 2024 to 11.76% in 2025 [1] - The electrolyte water segment is becoming increasingly popular in the beverage industry, with competitors like Master Kong and Yuanqi Forest also entering the market [1] Revenue and Market Position - Dongpeng Beverage's flagship product, Dongpeng Special Drink, continues to account for over 80% of revenue, while the new electrolyte drink has rapidly gained market share [1] - In 2024, Dongpeng Special Drink's market share in China's energy drink sector increased from 43.0% in 2023 to 47.9% [2] - The company has established a network of over 3,000 distributors and more than 4 million retail outlets, enabling deep market penetration from urban to rural areas [2] Product and Channel Strategy - The company has 13 production bases nationwide to ensure rapid distribution and stable supply of products [2] - The "Heavy Customers and Others" segment saw a revenue increase of 53.26% year-on-year, reaching 529 million yuan, which includes online and overseas business [2] International Expansion - Dongpeng Beverage has begun exporting products to countries such as Vietnam, Malaysia, and the United States, indicating a focus on international markets [3] - The company submitted a listing application to the Hong Kong Stock Exchange in April 2023 to enhance its capital strength and global brand image [3] - New production bases in Hainan and Kunming are being developed as key hubs for Southeast Asian markets, with plans to explore North America, Europe, and the Middle East [3]

东鹏饮料在招股书表示，其上市所募资金将用于完善产能布局和推进供应链升级；加强品牌建设和消费者互动，持续增强品牌影响力；持续推进全国 化战力，拓展、深耕和精细化运营渠道网络；拓展海外市场业务，探索潜在投资及并购机会；加强各个环节的数字化建设；增强产品开发能力，持续 实现产品品类拓展；以及营运资金及一般企业用途。 以下文章来源于征探财经 ，作者征探君 征探财经 . 资本市场的征探君。把征探财经设置为星标，不会错过每篇文章哦～～ 来源|征探财经 作者丨五仁 4月3日，东鹏饮料 向港交所递交招股书。根据弗若斯特沙利文报告，按销量计，东鹏饮料在中国功能饮料市场自2021年起连续4年排名第一，市场份额从 2021年的15.0%增长到2024年的26.3%。 对东鹏饮料来说，近年来业绩逐渐上市，2023年推出的东鹏补水啦逐渐打开了运动饮料的市场，但目前其依旧依赖能量饮料。在拓展品类的发展战 略下，其研发费用的体量与增速远不及销售费用，能否推出更多爆款饮品也存在隐忧。 而在大量理财的同时，东鹏饮料负债也在不断攀升，此时抛出东鹏饮料赴港上市计划，也引发了一些质疑。 01 依赖能量饮料与线下经销商 据东鹏饮料招股书，其收入从20 ...

国产功能饮料龙头东鹏饮料正冲击A+H上市。 格隆汇获悉，近期，东鹏饮料（集团）股份有限公司（简称"东鹏饮料"）向港交所递交招股书，拟在香港主板上市， 华泰国际、摩根士丹利、瑞银集团为联席保荐人。 经过多年发，东鹏饮料（605499）已成为国内第一、全球领先的功能饮料企业，并于2021年在A股上市，2024年营收 超158亿元，但也存在依赖大单品、产品销售依赖经销商渠道等经营隐忧。同时，近几年东鹏饮料被大股东多次减持 套现的行为，也引发市场担忧。 截止今天（4月16日）下午收盘，A股东鹏饮料股价涨2.77%至275元/股，市值约1430亿元。如今中国软饮料市场情况 如何？不妨通过东鹏饮料来一探究竟。 图片来源于格隆汇 1 卖功能饮料产品，深圳南山冲出一家IPO 东鹏饮料总部位于广东省深圳市南山区，其前身东鹏实业于1994年6月注册成立，2003年10月林木勤先生及东鹏实业 其他19名员工受让东鹏实业产权，东鹏实业改制为东鹏有限，并在2018年3月改制为股份有限公司。 2021年，东鹏饮料登陆上海证券交易所上市，成为中国"能量饮料第一股"，如今又要谋求A+H上市。 公司在中国能量饮料领域首创PET包装，并创新性地 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported strong Q1 2025 results with revenue of 4.848 billion, net profit of 0.980 billion, and net profit after deducting non-recurring items of 0.959 billion, representing year-on-year growth of 39.23%, 47.62%, and 53.55% respectively [1]. - The core product lines showed robust growth, with energy drink revenue at 3.900 billion (up 25.7% YoY) and electrolyte water revenue at 0.570 billion (up 261.5% YoY), achieving a double-digit market share of 11.8% [2]. - The company is expanding its national presence, with revenue outside Guangdong reaching 3.090 billion (up 44% YoY), and significant growth in various regions including East China and Southwest China [2]. - The gross margin improved by 1.7 percentage points YoY, driven by lower raw material costs and scale effects, while the net profit margin increased by 1.8 percentage points YoY [3]. - The company is expected to achieve revenue of 20.519 billion, 25.329 billion, and 30.273 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 4.512 billion, 5.696 billion, and 6.962 billion [4]. Summary by Sections Financial Performance - Q1 2025 revenue reached 4.848 billion, with a net profit of 0.980 billion, reflecting strong growth across product lines [1]. - The company anticipates revenue growth rates of 29.5%, 23.4%, and 19.5% for the years 2025, 2026, and 2027 respectively [4]. Product and Market Strategy - The company is focusing on channel expansion and product diversification, with significant contributions from new product lines and marketing efforts [2]. - The electrolyte water segment has seen a remarkable increase in revenue, indicating a successful product strategy [2]. Cost Management and Profitability - The gross margin has improved due to favorable raw material prices and operational efficiencies, with a stable expense ratio [3]. - The company is expected to maintain a strong profitability trajectory with increasing net profit margins over the forecast period [3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price corresponding to a P/E ratio of 32 for 2025, 25 for 2026, and 21 for 2027 [4]. Core Insights - The company reported strong Q1 2025 results, with revenue of 4.848 billion yuan, net profit of 980 million yuan, and adjusted net profit of 959 million yuan, reflecting year-on-year growth of 39.23%, 47.62%, and 53.55% respectively [1]. - The core product lines showed robust growth, particularly electrolyte water, which saw a revenue increase of 261.5% year-on-year, contributing to 11.8% of total revenue [2]. - The company is focusing on channel expansion and product diversification, with significant contributions from new products and a strong brand presence in the market [2][3]. Financial Performance - The gross margin improved by 1.7 percentage points year-on-year, driven by lower raw material costs and economies of scale [3]. - The company expects revenue growth of 29.5%, 23.4%, and 19.5% for 2025, 2026, and 2027 respectively, with net profit growth of 35.6%, 26.3%, and 22.2% for the same periods [4][5]. - The sales revenue for Q1 2025 was 4.863 billion yuan, an increase of 18.75% year-on-year, indicating strong cash flow management [2]. Market Strategy - The company is enhancing its platform strategy and expanding its product matrix, with plans for overseas market exploration [3]. - The growth strategy includes a focus on high-value products and a commitment to increasing market penetration across various regions [2][3].

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai Consumer 50 Index rising by 0.43% to 8251.36 points, with a trading volume of 39.565 billion yuan [1] - The Shanghai Consumer 50 Index has decreased by 4.50% over the past month, increased by 1.55% over the past three months, and has fallen by 3.01% year-to-date [1] - The index reflects the overall performance of consumer-related securities listed on the Shanghai Stock Exchange, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The top ten weighted stocks in the Shanghai Consumer 50 Index include Kweichow Moutai (10.51%), Yili Group (10.44%), and others, with the total weight of the top ten accounting for a significant portion of the index [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with optional consumption accounting for 51.26% and major consumption accounting for 48.74% of the holdings [1] - The index sample is adjusted every six months, with adjustments typically occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 10% [2]

Group 1 - The core index of major consumption in the A-share market rose by 0.48% to 16,568.67 points, with a trading volume of 25.121 billion yuan [1] - Over the past month, the major consumption index has decreased by 1.51%, increased by 6.28% over the past three months, and has risen by 1.44% year-to-date [1] - The major consumption index is composed of 11 primary industries and 35 secondary industries, reflecting the overall performance of different industry companies within the CSI 800 index [1] Group 2 - The top ten weights in the major consumption index are: Yili (10.26%), Kweichow Moutai (10.22%), Wuliangye (9.04%), Muyuan Foods (7.21%), Shanxi Fenjiu (6.89%), Luzhou Laojiao (6.23%), Wens Foodstuff (5.97%), Haitian Flavoring (4.68%), Dongpeng Beverage (3.7%), and Yanghe Distillery (2.84%) [1] - The market share of the major consumption index is divided between the Shanghai Stock Exchange (51.03%) and the Shenzhen Stock Exchange (48.97%) [1] Group 3 - The major consumption index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in case of temporary adjustments due to changes in the CSI 800 index sample [2] - Special events affecting sample companies may lead to adjustments in the industry classification and index sample [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant revenue increase of 39.23% year-on-year in Q1 2025, reaching 4.848 billion yuan, with a net profit of 980 million yuan, up 47.62% [6][7] - The main business, energy drinks, saw a revenue growth of 25.7%, contributing to 80.5% of total revenue, with strong performance across various regions [6][7] - The company’s gross margin improved to 44.47%, a year-on-year increase of 1.7 percentage points, driven by economies of scale and cost improvements [5][6] Revenue and Profit Analysis - Q1 2025 revenue was 4.848 billion yuan, with a net profit of 980 million yuan, exceeding market expectations by 30% and 35% respectively [6][7] - The company’s contract liabilities reached 3.87 billion yuan, indicating a strong revenue pipeline [6][7] - The second product line, including new products, achieved a revenue growth of 152.1%, contributing 19.5% to total revenue [6][7] Financial Forecast - The company is projected to achieve revenues of 21.43 billion yuan, 27.89 billion yuan, and 34.95 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 35.3%, 30.1%, and 25.3% [7][9] - Net profit forecasts are 4.70 billion yuan, 6.39 billion yuan, and 8.25 billion yuan for the same years, with growth rates of 41.3%, 35.9%, and 29.2% [7][9] - The current price-to-earnings ratio (P/E) is projected to be 30, 22, and 17 for the years 2025, 2026, and 2027 respectively [7][9]

Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [2][10] Core Views - The company continues to deliver strong performance with revenue and net profit for Q1 2025 reaching 4.848 billion and 980 million yuan, respectively, representing year-on-year growth of 39.2% and 47.6% [6] - The decline in raw material prices has improved profitability, with gross margin and net margin at 44% and 20%, respectively, showing increases of 1.7 and 1.1 percentage points year-on-year [6] - The company is expanding its product categories and geographic reach, with significant growth in its direct sales and online channels [8] Summary by Sections Performance Overview - Q1 2025 total revenue and net profit were 4.848 billion and 980 million yuan, with year-on-year growth of 39.2% and 47.6% [6] - Gross margin and net margin improved to 44% and 20%, with increases of 1.7 and 1.1 percentage points year-on-year [6] - Operating cash flow decreased by 26.5% year-on-year to 631 million yuan due to high pre-receivable bases and increased tax payments [6] Product Performance - Revenue from energy drinks, electrolyte drinks, and other beverages for Q1 2025 were 3.901 billion, 570 million, and 375 million yuan, with year-on-year growth of 26%, 261%, and 73% respectively [7] - The main product, Dongpeng Special Drink, continues to grow rapidly, while the new product "Brew Water" is in a high-growth phase [7] Channel and Regional Growth - Revenue from distribution, direct sales, and online channels for Q1 2025 were 4.283 billion, 457 million, and 104 million yuan, with year-on-year growth of 37%, 63%, and 54% respectively [8] - Revenue from the Guangxi and Guangdong regions and other regions reached 1.503 billion and 3.342 billion yuan, with year-on-year growth of 24% and 48% respectively [8] Profit Forecast - The company is expected to continue gaining market share in the energy drink sector, with electrolyte water becoming a second growth curve [10] - The EPS forecast for 2025-2027 has been adjusted to 8.67, 11.20, and 14.18 yuan, with corresponding PE ratios of 31, 24, and 19 times [10]