Eastroc Beverage(SH:605499) Guolian Securities·2024-07-15 08:00Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported Q2 earnings that exceeded expectations, with projected revenue for H1 2024 between 78.60 billion to 80.80 billion yuan, representing a year-on-year growth of 43.95% to 47.98%. The net profit attributable to shareholders is expected to be between 16.00 billion to 17.30 billion yuan, a growth of 44.39% to 56.12% [2][3]. - The company is focusing on refined channel operations and a diversified product matrix to drive growth, with nearly 4 million active terminal points currently [4]. - A new production base is planned in Yunnan with an investment of 1 billion yuan, aimed at enhancing the company's strategic layout and meeting future sales growth [5]. Financial Performance and Projections - The company expects revenues of 157.79 billion, 201.94 billion, and 245.17 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 40.10%, 27.98%, and 21.40% [6][7]. - The projected net profits for the same years are 28.97 billion, 37.65 billion, and 46.98 billion yuan, with growth rates of 42.02%, 29.97%, and 24.78% respectively [6][7]. - Earnings per share (EPS) are forecasted to be 7.24 yuan, 9.41 yuan, and 11.74 yuan for 2024, 2025, and 2026, with a three-year compound annual growth rate (CAGR) of 32.06% [6][7].