研报掘金丨申万宏源研究：东鹏饮料成长空间广阔，维持“增持”评级

Core Viewpoint - Dongpeng Beverage is expected to achieve operating revenue of 20.76 to 21.12 billion yuan in 2025, representing a year-on-year growth of 31.1% to 33.3% [1] - The company is projected to realize a net profit attributable to shareholders of 4.34 to 4.59 billion yuan, with a year-on-year increase of 30.5% to 38.0%, aligning with expectations [1] Group 1 - The company demonstrates excellent channel expansion and operational capabilities [1] - Under the development plan of "comprehensive national development and cultivating the second growth curve," the market share of energy drinks continues to rise [1] - The second growth curve, represented by "Brew Water," is gradually taking over growth responsibilities [1] Group 2 - If managed properly in the future, new products such as "Fruit Tea" are also expected to see significant growth potential [1] - The overall growth space for the company remains broad, maintaining an "overweight" rating [1]