研报掘金丨长江证券：维持东鹏饮料“买入”评级，国内市场稳健增长，海外市场积极布局

Core Viewpoint - Dongpeng Beverage's net profit for the first half of 2025 reached 2.375 billion yuan, reflecting a growth of 37.22%, with Q2 net profit at 1.395 billion yuan, up by 30.75% [1] Group 1: Financial Performance - The company's rapid growth in the hydration segment is notable, while the growth in functional beverages has slowed [1] - The number of distributors increased to 3,279, covering over 4.2 million active outlets, a rise of approximately 5% since the beginning of the year [1] - The company plans to distribute a cash dividend of 1.3 billion yuan, enhancing shareholder returns [1] Group 2: Market Expansion - Dongpeng Beverage is actively exploring overseas market opportunities, particularly in Southeast Asia and the Middle East, which are key areas for domestic beverage brand expansion [1] - The company's Hainan base, which began construction in April this year, is expected to serve as a pivotal point for cross-border business, leveraging product strength and cost-effectiveness for market breakthroughs [1] Group 3: Future Projections - The expected EPS for 2025 and 2026 is projected to be 8.92 yuan and 11.47 yuan, respectively, with corresponding PE ratios of 33X and 26X [1] - The company maintains a "buy" rating based on its robust domestic growth and proactive overseas strategies [1]