大行评级丨麦格理：首予东鹏饮料“跑赢大市”评级，看好其继续扩大市场份额

Group 1 - The core viewpoint of the report is that Macquarie initiates coverage of Dongpeng Beverage with an "Outperform" rating, setting target prices of 307 CNY for A-shares and 345 HKD for H-shares [1] - Dongpeng Beverage is the second-largest player in China's functional beverage industry, holding a market share of 23% by value and 26.3% by volume, making it the largest by volume [1] - The firm believes that Dongpeng Beverage can continue to expand its market share due to its extensive channel penetration and efficient sales tracking system [1] Group 2 - Macquarie forecasts that Dongpeng Beverage's net profit will grow by 32%, 28%, and 22% for the years 2025 to 2027, respectively [1] - The compound annual growth rate (CAGR) for profits from 2025 to 2027 is expected to be 25% [1]