东鹏饮料(605499)：收入依然高增长 费投优化释放利润

Core Viewpoint - The company continues to experience high revenue growth in Q3 2025, with strong momentum for the entire year, driven by the rapid expansion of its "Dongpeng Water" product line and the successful performance of new products like "Fruit Tea" [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 16.84 billion, a year-on-year increase of 34.1%, and a net profit attributable to shareholders of 3.76 billion, up 38.9% [2] - In Q3 2025, revenue reached 6.11 billion, reflecting a 30.4% year-on-year growth, with a net profit of 1.39 billion, increasing by 41.9% [2] Product Performance - The company’s special drinks segment shows stable growth, with "Dongpeng Special Drink," "Water," and other products generating revenues of 4.20 billion, 1.35 billion, and 0.55 billion respectively, with year-on-year growth rates of 15.1%, 84.2%, and 94.5% [3] - The "Dongpeng Water" product line has already achieved a revenue of 2.85 billion in the first three quarters, indicating strong growth potential for 2026 [3] Regional Performance - In Q3 2025, the company reported revenues of 1.339 billion and 0.403 billion in Guangdong and Guangxi regions, respectively, with year-on-year growth of 2% and 8% [3] - Other regions such as North China and East China showed significant growth, with revenues of 0.894 billion and 0.859 billion, reflecting year-on-year increases of 73% and 33% [3] Profitability Enhancement - The company’s gross margin and net margin for Q3 2025 were 45.21% and 22.68%, showing a slight decrease in gross margin but an increase in net margin by 1.83 percentage points [4] - The company has optimized its expense ratios, with sales, management, R&D, and financial expense ratios showing improvements, indicating a positive trend in profitability [4] Global Expansion Strategy - The company has established subsidiaries in Indonesia and Vietnam, with ongoing construction of production bases in Hainan and Kunming aimed at the Southeast Asian market [5] - To enhance capital strength and international competitiveness, the company plans to issue H shares, transitioning from "Made in China" to "Brand from China" [5] Revenue and Profit Forecast - The company is projected to achieve revenues of 20.804 billion, 26.004 billion, and 31.004 billion for 2025-2027, with year-on-year growth rates of 31%, 25%, and 19% respectively [5] - Net profits are expected to reach 4.535 billion, 5.842 billion, and 6.966 billion for the same period, with growth rates of 36%, 29%, and 19% [5]