东鹏饮料：业绩高增延续，第二曲线亮眼

Investment Rating - The report maintains a "Buy" rating for Dongpeng Beverage (605499.SH) [5] Core Views - Dongpeng Beverage continues to show strong performance with a revenue increase of 44.19% year-on-year in H1 2024, reaching 7.873 billion yuan, and a net profit growth of 56.14%, amounting to 1.731 billion yuan [5][6] - The company is effectively implementing a multi-category strategy and expanding its national presence, with significant revenue growth in various regions [6][7] - Cost pressures are easing, leading to improved profitability, with gross margins increasing to 44.6% in H1 2024 [6][7] Summary by Sections Financial Performance - In H1 2024, Dongpeng Beverage achieved a revenue of 7.873 billion yuan, up 44.19% year-on-year, and a net profit of 1.731 billion yuan, up 56.14% [5] - For Q2 2024, the company reported a revenue of 4.391 billion yuan, a 47.88% increase year-on-year, and a net profit of 1.067 billion yuan, up 74.62% [5] Product Strategy - The company’s core product, Dongpeng Energy Drink, generated revenues of 6.86 billion yuan in H1 2024, reflecting a 33.5% increase [6] - New product lines, such as Dongpeng Water, saw a remarkable revenue increase of 281.12%, contributing to 6.05% of total revenue [6] Regional Performance - Revenue growth was notable across various regions, with the East China region growing by 53.6% and the North China region by 99.1% [6] - The company’s dealer network expanded to 2,982, covering over 3.6 million active retail outlets nationwide [6] Profitability Metrics - Gross margins improved to 44.6% in H1 2024, benefiting from lower raw material costs [6] - The net profit margin reached a historical high of 22.0% in H1 2024, up 1.7 percentage points year-on-year [6] Future Outlook - The report projects revenue growth for 2024-2026, estimating revenues of 15.341 billion yuan, 19.357 billion yuan, and 22.866 billion yuan, representing year-on-year growth rates of 36.2%, 26.2%, and 18.1% respectively [7][9] - The forecast for net profit is set at 2.894 billion yuan, 3.753 billion yuan, and 4.571 billion yuan for the same period, with corresponding growth rates of 41.9%, 29.7%, and 21.8% [7][9]