Investment Rating - The report maintains a "Buy" rating for the company [6][14]. Core Views - The company's performance in the first three quarters of 2024 showed a revenue of 877 million yuan, a year-on-year decrease of 7.23%, and a net profit attributable to the parent company of 37 million yuan, down 43.29% year-on-year [2][3]. - The decline in revenue is attributed to the impact of centralized procurement on certain products, while the significant drop in profit is mainly due to the depreciation from the solidification of the Hubei raw material drug base [3]. - The company has effectively controlled its expense ratios, with a sales expense ratio of 22.66%, down 4.44 percentage points year-on-year, and a management expense ratio of 5.81%, down 0.55 percentage points year-on-year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 877 million yuan, a decrease of 7.23% year-on-year, and a net profit of 37 million yuan, down 43.29% year-on-year. The earnings per share (EPS) stood at 0.11 yuan [2]. - The company’s sales expense ratio decreased to 22.66%, while the management expense ratio was 5.81%, indicating good control over expenses [3]. Research and Development - The company invested 98 million yuan in R&D, accounting for 11.13% of its revenue, which is an increase of 2.90 percentage points year-on-year. The innovative drug, hydrochloride deoxyephedrine, is highlighted as a key product in the pipeline, with a market potential exceeding 1 billion yuan [4]. Business Development - The company has developed a diversified business model in raw materials, including antihypertensive and proton pump inhibitors. The Hubei Jingmen production base is expected to contribute to revenue growth in the future [5]. - The company has over 20 chemical preparation products in various therapeutic areas, which are anticipated to see sales growth through centralized procurement [5]. Profit Forecast - The company is projected to achieve revenues of 1.305 billion yuan, 1.442 billion yuan, and 1.576 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be 59.43 million yuan, 107.67 million yuan, and 142.26 million yuan for the same years [6].

[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 [1][3] Core Insights - The company reported total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%, with a net profit of 3.086 billion yuan, up 17.08% year-on-year [2] - The growth is driven by premium products, with the special A+ and A categories leading the revenue growth [2] - The company has a solid domestic market base while experiencing rapid growth in external markets [2] - The wholesale channel remains the primary revenue source, with a continuous expansion of the distributor network [2] Financial Performance - The gross profit margin for the first three quarters of 2024 was 74.27%, with a net profit margin of 31.04%, showing slight declines compared to the previous year [3] - The company expects net profits of 3.607 billion, 4.091 billion, and 4.623 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.03%, 13.42%, and 12.98% [3][4] - The projected P/E ratios for 2024, 2025, and 2026 are 16, 14, and 12, respectively, based on a market capitalization of 56.3 billion yuan [3][4] Revenue Breakdown - For the first three quarters of 2024, revenue from the domestic market was 9.081 billion yuan, up 17.71% year-on-year, while revenue from external markets reached 804 million yuan, up 32.73% year-on-year [2] - In Q3 2024, domestic revenue was 2.423 billion yuan, a 9.32% increase, while external revenue was 204 million yuan, a 23.04% increase [2] Product Performance - Revenue from special A+ and A products reached 1.813 billion and 646 million yuan in Q3 2024, with year-on-year growth of 11.70% and 9.55%, respectively [2] - The company’s product categories showed varied performance, with lower-tier products experiencing declines in revenue [2]

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company's revenue growth is steady, but net profit has declined [2] - Revenue for Q1-3 2024 reached 12.194 billion yuan, a year-on-year increase of 1.06% [2] - Net profit attributable to the parent company was 638 million yuan, a year-on-year decrease of 30.92% [2] - The decline in net profit is mainly due to rising raw material costs and a decrease in non-recurring gains such as government subsidies [2] - The company is making steady progress in the low-altitude economy sector, particularly in electric aviation [3] Financial Performance - Gross profit margin for Q1-3 2024 was 25.46%, down 0.47 percentage points year-on-year [3] - Operating expenses ratio increased by 1.07 percentage points to 18.77% [3] - Sales expenses ratio, management expenses ratio, financial expenses ratio, and R&D expenses ratio were 5.31%, 7.88%, 1.42%, and 4.16% respectively [3] Low-Altitude Economy and Electric Aviation - The company has been developing electric aviation since 2019, focusing on urban air mobility, emergency rescue, and logistics [3] - Breakthroughs have been made in core technologies such as system lightweighting, dynamic sealing, electromagnetic compatibility, and low-cost mass production [3] - The company has collaborated with the China Academy of Civil Aviation Science and Technology to establish a laboratory for airworthiness verification of new energy aircraft electric power systems [3] - Recently, the company showcased a 100-kilowatt-level variable-configuration distributed electric power system developed in collaboration with COMAC [3] Profit Forecast - Revenue for 2024-2026 is expected to be 16.696 billion yuan, 17.919 billion yuan, and 19.253 billion yuan respectively [4] - Net profit attributable to the parent company is forecasted to be 899 million yuan, 1.006 billion yuan, and 1.112 billion yuan for 2024-2026 [4] - EPS for 2024-2026 is projected to be 0.69 yuan, 0.77 yuan, and 0.85 yuan per share [4] - The P/E ratio for 2024-2026 is estimated to be 24x, 21x, and 19x respectively [4] Historical Financial Data - Revenue for 2022 and 2023 was 14.266 billion yuan and 15.567 billion yuan respectively [6] - Net profit attributable to the parent company for 2022 and 2023 was 799.56 million yuan and 529.85 million yuan respectively [6] - ROE for 2022 and 2023 was 8.89% and 5.63% respectively [6] Valuation and Market Data - The current stock price is 15.92 yuan [7] - The 52-week high and low prices are 18.41 yuan and 8.69 yuan respectively [7] - The company's market capitalization is 20.738 billion yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported total revenue of 31.358 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.25%, with net profit attributable to the parent company reaching 11.350 billion yuan, up 20.34% year-on-year [1]. - In Q3 2024, the company achieved total revenue of 8.611 billion yuan, a year-on-year increase of 11.35%, and a net profit of 2.940 billion yuan, up 10.36% year-on-year [1]. - The revenue growth of high-end liquor in Q3 accelerated compared to Q2, with high-end liquor and other liquor revenues for the first three quarters at 22.614 billion yuan and 8.638 billion yuan, respectively, showing year-on-year growth of 14.26% and 26.87% [1]. - The company maintained double-digit growth in both domestic and foreign markets, with domestic and foreign revenues for the first three quarters at 11.900 billion yuan and 19.353 billion yuan, respectively, reflecting year-on-year growth of 11.58% and 21.44% [1]. - The number of distributors increased to 4,368 by the end of Q3 2024, with a net increase of 172 from the previous quarter and 428 from the beginning of the year [1]. Financial Performance - For the first three quarters of 2024, the company's net profit margin was 36.20%, and the gross profit margin was 76.03%, with a slight decrease in the tax and additional charges as a percentage of total revenue to 15.19% [2]. - In Q3 2024, the net profit margin was 34.14%, and the gross profit margin was 74.29%, with the tax and additional charges as a percentage of total revenue decreasing to 14.62% [2]. - The company expects net profits for 2024, 2025, and 2026 to be 12.339 billion yuan, 14.084 billion yuan, and 15.943 billion yuan, respectively, with growth rates of 18.21%, 14.14%, and 13.20% [3][4]. Valuation Metrics - The report provides projected revenue figures for 2024, 2025, and 2026 at 37.230 billion yuan, 42.371 billion yuan, and 47.832 billion yuan, respectively, with corresponding year-on-year growth rates of 16.60%, 13.81%, and 12.89% [4]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 21, 18, and 16 times, respectively [3][4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company has demonstrated strong performance compared to the industry, with a steady profit level [1] - In the first three quarters of 2024, the company achieved total revenue of 19.069 billion yuan, a year-on-year increase of 19.53%, and a net profit attributable to the parent company of 4.746 billion yuan, up 24.49% year-on-year [1] - The third quarter of 2024 saw total revenue of 5.263 billion yuan, a year-on-year increase of 13.36%, and a net profit of 1.174 billion yuan, up 13.60% year-on-year [1] Summary by Relevant Sections Revenue and Profitability - The company's revenue growth in Q1-Q3 2024 was 25.85%, 16.79%, and 13.36% respectively, indicating a deceleration in growth due to overall market weakness, yet still outperforming the industry [1] - Gross margin for the first three quarters of 2024 was 79.71%, an increase of 0.67 percentage points year-on-year, driven by product mix optimization [1] - The net profit margin for the same period was 24.89%, up 0.99 percentage points year-on-year, attributed to improved gross margin and reduced expense ratios [1] Q3 Performance - In Q3 2024, the gross margin decreased to 77.87%, down 1.55 percentage points year-on-year, while the net profit margin remained stable at 22.30%, up 0.05 percentage points year-on-year [1] - The company experienced a reduction in contract liabilities, which decreased by 41.61% year-on-year to 1.936 billion yuan by the end of Q3 2024 [1] Future Projections - The company is projected to achieve net profits of 5.640 billion yuan, 6.497 billion yuan, and 7.446 billion yuan for the years 2024, 2025, and 2026 respectively, with growth rates of 22.89%, 15.20%, and 14.61% [1] - The corresponding price-to-earnings ratios for these years are estimated at 18, 16, and 14 times, with a market capitalization of 103.1 billion yuan as of November 4 [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Views - The company reported a total revenue of 511 million yuan for the first three quarters of 2024, a year-on-year decrease of 17.50%, with a net profit attributable to the parent company of 68 million yuan, down 36.83% year-on-year [2]. - In Q3 2024, the company achieved total revenue of 183 million yuan, a year-on-year decline of 9.19%, and a net profit of 25 million yuan, down 21.81% year-on-year [2]. - The company is actively expanding its channel customers, with a notable improvement in the number of franchise stores and other channel clients [2]. Summary by Relevant Sections Revenue and Profitability - For the first three quarters of 2024, revenue from meat, poultry, and aquatic products was 339 million yuan, 137 million yuan, and 28 million yuan respectively, with year-on-year declines of 17.62%, 18.57%, and 6.63% [2]. - The gross profit margin for the first three quarters of 2024 was 25.23%, a decrease of 0.93 percentage points year-on-year, while the net profit margin was 13.26%, down 4.06 percentage points year-on-year [3]. Regional Performance - The East China region accounted for 94.21% of total revenue, with a revenue of 475 million yuan in the first three quarters of 2024, reflecting a year-on-year decline of 17.55% [2]. Channel Performance - The retail (franchise, distribution), supermarket, wholesale, direct sales, and e-commerce channels reported revenues of 341 million yuan, 25 million yuan, 133 million yuan, 4 million yuan, and 1 million yuan respectively, with the supermarket channel showing positive growth of 7.58% year-on-year [2]. Future Projections - The company is projected to achieve net profits of 88.20 million yuan, 90.80 million yuan, and 94.85 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of -34.86%, 2.94%, and 4.46% [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that exceeds the industry benchmark by more than 15% [2][4]. Core Insights - The company has demonstrated robust performance with a total revenue of 19.069 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 19.53%. The net profit attributable to shareholders reached 4.746 billion yuan, up 24.49% year-on-year [3][4]. - Despite a slight decline in gross margin, the company has maintained a stable profit margin due to effective cost management and a decrease in sales expenses [4]. - The company is expected to achieve net profits of 5.640 billion yuan, 6.497 billion yuan, and 7.446 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 22.89%, 15.20%, and 14.61% [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 79.71%, an increase of 0.67 percentage points year-on-year, and a net profit margin of 24.89%, up 0.99 percentage points year-on-year [4]. - The revenue growth rates for the first three quarters of 2024 were 25.85%, 16.79%, and 13.36% respectively, indicating a gradual slowdown in growth but still outperforming the overall industry [4]. - The company’s total revenue for 2024 is projected to be 23.896 billion yuan, with a year-on-year growth rate of 17.98% [6]. Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 18, 16, and 14 for the years 2024, 2025, and 2026, respectively, based on a market capitalization of 103.1 billion yuan [4][6]. - The company’s return on equity (ROE) is expected to be 22.75%, 22.83%, and 22.80% for the years 2024, 2025, and 2026, respectively [6].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company has shown rapid growth in performance, with a 28.85% year-on-year increase in revenue to 6.578 billion yuan and a 30.79% increase in net profit attributable to shareholders to 778 million yuan for the first three quarters of 2024 [2] - The company's Q3 revenue reached 2.607 billion yuan, reflecting a 29.66% year-on-year growth, while net profit for the same period was 321 million yuan, up 33.96% year-on-year [2] - The company has a strong order backlog with 432 ongoing projects and 235 new mass production projects, indicating potential for continued high growth in the future [2] Summary by Sections Business Growth and Profitability - The company has achieved a gross margin of 21.56% and a net margin of 12.57% in Q3, significantly higher than the industry averages of 16.96% and 4.03% respectively [2] - Sales of intelligent electronic control products increased by 32.53%, while lightweight brake components saw a 58.99% increase in sales [2] Key Projects and Segments - The company has added numerous new projects across various segments, including 58 new projects for disc brakes and 116 for electronic parking brake systems, with significant growth rates in key areas such as EPS and ADAS [2] - The growth rates for new business segments are impressive, with EPS and ADAS growing by 400% and 57% year-on-year respectively [2] Financial Forecasts - The company is projected to achieve net profits of 1.152 billion yuan, 1.422 billion yuan, and 1.715 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.90 yuan, 2.34 yuan, and 2.83 yuan [3] - The projected P/E ratios for the next three years are 24.89, 20.16, and 16.72, indicating a favorable valuation outlook [3]

Investment Rating - The report maintains a "Buy" rating for Chongqing Beer [2][5] Core Views - The company's total revenue for the first three quarters of 2024 reached 13.063 billion yuan, a slight increase of 0.26% year-on-year, while the net profit attributable to the parent company was 1.332 billion yuan, down 0.90% year-on-year [2] - The report highlights that the company's economic product growth is leading, with a significant increase in revenue from economic products by 14.84% year-on-year in the first three quarters of 2024 [3] - The gross margin remains stable at 49.20% for the first three quarters of 2024, despite a slight decline in Q3 due to rising raw material prices and depreciation from new capacity [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of 4.202 billion yuan, a decrease of 7.11% year-on-year, and a net profit of 431 million yuan, down 10.10% year-on-year [2] - The beer sales volume for the first three quarters of 2024 was 2.657 million kiloliters, a year-on-year increase of 0.20%, with an average price of 4.78 yuan per liter, down 0.62% year-on-year [3] - The company's gross margin for Q3 2024 was 49.17%, a decrease of 1.35 percentage points year-on-year, primarily due to raw material price increases [4] Regional Performance - Revenue from different regions in the first three quarters of 2024 showed varied performance, with the Northwest region down 2.50%, the Central region flat, and the South region up 1.13% year-on-year [3] Future Projections - The report projects net profits for 2024, 2025, and 2026 to be 1.325 billion yuan, 1.400 billion yuan, and 1.472 billion yuan respectively, with growth rates of -0.85%, 5.66%, and 5.10% [5]