小摩：首次覆盖东鹏饮料 评级“增持”目标价315港元

Core Viewpoint - Morgan Stanley initiates coverage on Dongpeng Beverage (605499) (09980), believing its market share growth in China will enable it to consistently outperform peers [1] Financial Projections - The company forecasts an average revenue growth rate of 25% and a core net profit growth rate of 16% for Q4 2025 [1] - For 2026, the expected year-on-year growth rates for energy drinks, sports drinks, and other products are projected to be 15%, 42%, and 50% respectively, supporting a total revenue growth of 22% year-on-year [1] Investment Rating - Morgan Stanley sets a target price of HKD 315 for Dongpeng Beverage and assigns an "Overweight" rating [1]