研报掘金丨华安证券：重申东鹏饮料“买入”评级，H股发行更近一步，重申三大逻辑

Group 1 - The core viewpoint of the article emphasizes the progress of Dongpeng Beverage's H-share issuance and the three major growth logics supporting its strategy [1] - The funds raised from the H-share issuance are intended for overseas capacity expansion, supply chain and channel optimization, and brand marketing efforts, indicating an acceleration of the company's international strategy [1] - The company is positioned for long-term growth through national, platform, and international strategies, with expectations for innovation and expansion beyond its current product categories [1] Group 2 - The current stock price corresponds to P/E ratios of 30, 24, and 19 times, with a projected valuation of 22 times for the 2026 H-share, indicating a relatively low valuation compared to recent years [1] - The report maintains a "buy" rating for the company, reflecting confidence in its growth potential and market positioning [1]