Eastroc Beverage(SH:605499) Huaxin Securities·2024-07-11 04:31Investment Rating - The report maintains a "Buy" investment rating for Dongpeng Beverage [2][3] Core Views - Dongpeng Beverage's performance exceeded expectations with strong growth in sales, particularly in the hydration segment [2] - The company is expected to achieve revenue of 7.86-8.08 billion yuan for H1 2024, representing a year-on-year increase of 43.95%-47.98% [2] - The net profit attributable to shareholders is projected to be 1.6-1.73 billion yuan, an increase of 44.39%-56.12% year-on-year [2] - The company continues to push its national strategy, enhancing channel management and product exposure to drive sales [2] - New product launches are expected to contribute significantly to growth, with a target of reaching 2 million distribution points [2] Financial Performance Summary - For Q2 2024, the company anticipates revenue of 4.378-4.598 billion yuan, a year-on-year increase of 47.44%-54.84% [2] - The net profit for Q2 is expected to be 936-1.066 billion yuan, reflecting a growth of 53.24%-74.53% [2] - The net profit margin is projected to be 21.41%, an increase of 1.12 percentage points year-on-year [2] - The company is expanding its production bases, with significant investments planned for new facilities [2] Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 6.99, 9.02, and 11.49 yuan respectively [3] - The company is expected to maintain strong growth in its core energy drink segment while also seeing rapid growth in new electrolyte water products [2][3]