东鹏饮料(605499)：业绩快速增长 新品持续放量增长

Core Viewpoint - The company achieved revenue and net profit of 4.848 billion and 980 million yuan in Q1 2025, representing year-on-year growth of 39.23% and 47.62% respectively [1] Group 1: Revenue Growth - Dongpeng Beverage maintained steady growth, with revenue from Dongpeng Beverage, Dongpeng Water, and other beverages reaching 3.901 billion, 570 million, and 375 million yuan respectively, with year-on-year growth of 25.71%, 261.46%, and 72.62% [1] - The proportion of Dongpeng Water and other beverages increased to 19%, with Dongpeng Water accounting for 12% of total revenue in Q1 [1] Group 2: Regional Performance - Mature regions such as Guangdong, East China, and Guangxi showed steady growth, while other regions experienced growth rates exceeding 50% [1] - Revenue from various regions in Q1 included 1.1 billion from Guangdong, 700 million from East China, and 400 million from Guangxi, with year-on-year growth rates of 22%, 31%, and 32% respectively [1] Group 3: Channel Development - The company reported significant improvement in distributor quality, with the number of distributors increasing by 332 to 3,244 in Q1 [1] - Revenue from distributors, key customers, online sales, and others reached 4.3 billion, 500 million, 100 million, and 1 million yuan respectively, with year-on-year growth of 37%, 63%, 54%, and a decline of 83% [2] Group 4: Profitability and Costs - The company experienced a notable increase in gross margin and net margin, with gross margin at 44.47% and net margin at 20.21%, up by 1.70 and 1.15 percentage points year-on-year [2] - Sales expenses increased by 36% due to higher advertising and sales personnel costs, while financial expenses rose due to decreased interest income [2] Group 5: Future Outlook - The company targets a revenue and net profit growth rate of no less than 20% for 2025, with expectations for Dongpeng Water to continue expanding and other beverages to enhance the product matrix [3] - Projected revenues for 2025-2027 are 20.6 billion, 25.7 billion, and 31.5 billion yuan, with corresponding growth rates of 30%, 25%, and 23% [3]