Eastroc Beverage(SH:605499) Ge Long Hui A P P·2026-01-16 07:53Core Viewpoint - Dongpeng Beverage's revenue meets expectations with proactive front-loading of expenses, projecting a significant growth trajectory for 2025 and beyond [1] Financial Performance - The company is estimated to achieve a revenue of 20.94 billion yuan in 2025, representing a year-on-year growth of 32.21%, with Q4 revenue projected at 4.096 billion yuan, a 24.84% increase [1] - The estimated net profit attributable to shareholders for the year is 4.465 billion yuan, reflecting a year-on-year growth of 34.20% [1] Cost and Expense Management - The company anticipates stable gross margins in Q4 2025 due to scale effects, with increased expenses related to proactive marketing and overseas market expansion [1] - The rise in seasonal expenses is expected to elevate the sales expense ratio, leading to fluctuations in net profit margins [1] Strategic Initiatives - In 2026, the company plans to intensify its ice cabinet deployment to enhance terminal channel display and reach [1] - The overseas market strategy will focus on building a specialized operational team over a 5-10 year horizon to solidify global expansion [1] Product Growth - The company expects double-digit growth in its specialty drinks segment in 2026, with rapid growth in its hydration products and tea offerings [1] - New products like "Port Milk" have shown positive market feedback and rapid distribution, benefiting from supply chain scale effects and cost advantages [1] Valuation - The current price-to-earnings ratio is projected at 31/24/19 times for the upcoming years, maintaining a "buy" rating for the stock [1]