研报掘金丨国泰海通：维持东鹏饮料“增持”评级，平台型饮料巨头呼之欲出

Core Viewpoint - Dongpeng Beverage is expected to grow into a platform beverage enterprise by continuously improving management efficiency, which will save significant profits to be returned to channels and consumers, aligning with the increasing price sensitivity trend among beverage consumers [1] Group 1: Company Strategy - The company adopts a total cost leadership strategy complemented by information technology empowerment, creating a true competitive moat [1] - Management efficiency is expected to drive the company to expand into energy drinks, sports drinks, and coffee sectors, ensuring long-term excess returns [1] Group 2: Market Outlook - In the context of a gradually slowing growth rate in the beverage industry, efficiency will become paramount, with high-performing companies gradually achieving excess returns [1] - The company’s category expansion is anticipated to exceed market expectations, supported by its high quality-to-price ratio [1] Group 3: Valuation - Based on comparable companies, a PEG ratio of 1.03X is projected for 2026, corresponding to a reasonable per-share valuation of 341.71 yuan [1] - The company maintains an "overweight" rating, indicating positive sentiment towards its future performance [1]