小摩：首次覆盖东鹏饮料(09980) 评级“增持”目标价315港元

Core Viewpoint - Morgan Stanley initiates coverage on Dongpeng Beverage (09980), projecting that its market share growth in China will enable it to consistently outperform peers [1] Financial Projections - The company is expected to achieve an average revenue growth rate of 25% and a core net profit growth rate of 16% by Q4 2025 [1] - For 2026, the anticipated year-on-year growth rates for energy drinks, sports drinks, and other products are 15%, 42%, and 50% respectively, supporting an overall revenue growth of 22% [1] Investment Rating - Morgan Stanley sets a target price of HKD 315 for Dongpeng Beverage, with a rating of "Overweight" [1]