研报掘金丨民生证券：维持东鹏饮料“推荐”评级，补水啦增长亮眼，平台化布局持续深化

Core Insights - Dongpeng Beverage achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 6.107 billion, 1.386 billion, and 1.269 billion respectively in Q3 2025, representing year-on-year growth of 30.36%, 41.91%, and 32.74% [1] Group 1: Financial Performance - The company reported significant growth in revenue and profits, indicating strong operational performance [1] - The core product, Dongpeng Special Drink, continues to expand its market presence through increased marketing efforts and channel development [1] Group 2: Strategic Initiatives - The company is accelerating its platform-based layout, contributing to the growth of its second revenue stream and new product sales [1] - Dongpeng Beverage is deepening its multi-category strategic layout, enhancing its product matrix [1] Group 3: Profitability and Market Potential - The improvement in gross margin is driven by a favorable product mix and reduced expenses, leading to enhanced profitability [1] - The company is actively exploring and expanding into overseas markets, indicating substantial growth potential [1] Group 4: Valuation - The current price-to-earnings ratios are 34, 27, and 22 times for different forecast periods, reflecting the company's growth and stability [1] - The company maintains a "recommended" rating based on its growth prospects and strategic initiatives [1]