Eastroc Beverage(SH:605499) Ge Long Hui A P P·2025-08-01 09:48Core Viewpoint - Dongpeng Beverage is a leading player in the functional beverage industry, experiencing rapid growth in its fundamentals [1] Product Performance - The company's product structure is diversifying, with revenue from energy drinks, electrolyte drinks, and other beverages in the first half of 2025 reaching 8.361 billion, 1.493 billion, and 0.877 billion respectively, showing year-on-year growth rates of 21.91%, 213.71%, and 66.24% [1] - The "Bushi La" product line is strategically positioned to meet the needs of consumers who require electrolyte replenishment after heavy sweating, targeting sports enthusiasts and students [1] Growth Potential - The electrolyte drink segment achieved a revenue of 0.923 billion in the second quarter of 2025, with a year-on-year growth rate of 190.05%, and its revenue contribution increased by 8.42 percentage points to 15.68% compared to the same period last year [1] - The high growth momentum of the "Bushi La" product is expected to continue as the company expands its flavor and specification offerings and further develops its sales channels [1] Digital Transformation - The digital system empowers the company's diversified expansion and enhances its terminal control capabilities, supporting platform development [1] Valuation - The average PE ratio of comparable companies such as Huanlejia, Bairun Co., and Nongfu Spring is 35 times for 2025, and considering the company's sustained high growth potential, it is rated as "Accumulate" for the first coverage [1]