研报掘金丨华西证券：东鹏饮料Q3业绩增长超预期，上调评级至“买入”

Core Viewpoint - Dongpeng Beverage achieved a net profit attributable to shareholders of 3.76 billion yuan in Q1-Q3 of 2025, representing a year-on-year increase of 38.9% [1] - In Q3 of 2025, the net profit attributable to shareholders reached 1.39 billion yuan, with a year-on-year growth of 41.9% [1] - Revenue performance was in line with market expectations, while the overall performance exceeded market expectations [1] Summary by Category - Financial Performance - The net profit for Q1-Q3 2025 was 3.76 billion yuan, up 38.9% year-on-year [1] - Q3 2025 net profit was 1.39 billion yuan, reflecting a 41.9% year-on-year increase [1] - Market Expectations - Revenue results were generally in line with market expectations [1] - Overall performance surpassed market expectations [1] - Operational Efficiency - High channel efficiency contributed positively to the company's performance [1]