东鹏饮料：2024年半年度业绩预告点评：业绩超预期，长期成长可期

Investment Rating - Maintains an "Overweight" rating [3][5] Core Views - The company's 2024H1 performance exceeded expectations, with revenue projected to be between RMB 7.86 billion and RMB 8.08 billion, a year-on-year increase of 43.95% to 47.98% [3][8] - Net profit attributable to the parent company is expected to be between RMB 1.6 billion and RMB 1.73 billion, a year-on-year increase of 44.39% to 56.12% [3][8] - The energy drink segment continues to gain market share, while the new product "Bushuila" has seen significant growth, becoming the company's second growth curve [3][8] - The scale effect of new products has driven further improvement in profitability, with the net profit margin for 2024Q2 estimated to be between 20.36% and 24.35% [3][8] Financial Summary - Revenue for 2024E is projected to be RMB 15.523 billion, a year-on-year increase of 37.8% [4] - Net profit attributable to the parent company for 2024E is expected to be RMB 2.828 billion, a year-on-year increase of 38.6% [4] - EPS for 2024E is forecasted to be RMB 7.07, a year-on-year increase of 39% [3][4] - ROE for 2024E is projected to be 36.4% [4] Market Performance - The stock price range over the past 52 weeks is between RMB 162.67 and RMB 230.95 [6] - The total market capitalization is RMB 84.194 billion [6] - The current price is RMB 210.48, with a target price of RMB 271.18 [5] Industry Analysis - The company operates in the food and beverage/consumer staples sector [4] - The energy drink segment benefits from the trend of faster-paced lifestyles, while the new product "Bushuila" caters to the increasing health demands for electrolyte replenishment [3][8] Financial Forecast - Revenue for 2026E is projected to be RMB 24.038 billion, with a year-on-year increase of 23.2% [4] - Net profit attributable to the parent company for 2026E is expected to be RMB 4.61 billion, with a year-on-year increase of 26.4% [4] - EPS for 2026E is forecasted to be RMB 11.52, with a year-on-year increase of 26% [3][4]