Core Viewpoint - Western Securities (002673) projects that China Resources Beverage (02460) will achieve revenues of 11.2 billion, 12.5 billion, and 13.4 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits attributable to the parent company of 1.3 billion, 1.6 billion, and 1.8 billion yuan for the same years, indicating a corresponding PE ratio of 19, 15, and 14 times [1] Group 1 - The company is currently in a phase of national expansion and channel refinement, which is expected to drive short-term revenue growth in packaged drinking water [1] - The long-term growth potential is supported by industry consolidation towards leading companies and an increase in the proportion of medium-sized products [1] - As the company transitions towards a platform-based enterprise, there is significant long-term revenue growth potential in the beverage business [1] Group 2 - The company is expected to improve its profitability as the proportion of self-owned production capacity increases and economies of scale are realized, leading to enhanced cost efficiency [1] - The report initiates coverage with an "Overweight" rating, highlighting the company's strategic positioning and growth prospects [1]