研报掘金丨国信证券：维持东鹏饮料“优于大市”评级，开门红值得期待

Core Viewpoint - Dongpeng Beverage is expected to continue its growth momentum into Q4 2025, although profits may face slight pressure. The company benefits from cost advantages and single product scale effects, leading to an increase in net profit margin year-on-year [1] Group 1: Financial Performance - For the full year, the company is projected to see an improvement in net profit margin due to cost benefits and scale effects from individual products [1] - Future earnings forecasts have been slightly adjusted, with revenue projections being raised while performance estimates are slightly lowered [1] Group 2: Market Position and Strategy - Dongpeng Beverage is identified as a rare growth stock in the food and beverage sector, with ongoing efforts in product diversification and national expansion [1] - The company is expected to benefit from the Spring Festival homecoming initiative, with positive expectations for the opening sales [1] Group 3: Valuation - A relative valuation approach suggests a price-to-earnings ratio (PE) of 30-31x for 2026, maintaining an "outperform" rating [1]